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31	Financial Management and Accounting	ABS-110
Behavioral Factors Influence on Investment Decision Andrieta Shintia Dewi (a*),Nugraha (b),Imas Purnamasari(c), Maya Sari (d), Agus Rahayu (e), Lili Adi Wibowo (f) a) Faculty of Economics and Business Education, Indonesia University of Education Jl. Dr. Setiabudi No.229, Kota Bandung, Jawa Barat 40154 *andrieta[at]upi.edu b),c),d),e),f) Faculty of Economics and Business Education, Indonesia University of Education Abstract In making decisions, investors display irrational behavior. The decision-making process is considered to be a cognitive process, as investors must make a choice based on a variety of available options. Various psychological/behavioral factors negatively impacted the investors^ decision-making, according to the findings. The current research was conducted to determine the influence of behavioral factors on the investment decisions of investors. To examine the behavioral biases of investors, five behavioural factors, namely overconfidence bias, representative bias, regret aversion, mental accounting, and herd behaviour, were considered. The cohort for this study consisted of Kerala investors, and the analytical hierarchy process (AHP) was used to assess the influence of behavioral factors on investment decisions. On the basis of the priority vector, it was discovered that overconfidence bias and regret aversion had a significant impact on Kerala^s investors. The effect of herd behavior on their decision-making was diminished. Keywords: Behavioural finance, overconfidence bias, representative bias, regret aversion, mental accounting, herd behaviour, Investment Decision Share Link | Plain Format | Corresponding Author (Andrieta Shintia Dewi)

32	Financial Management and Accounting	ABS-126
Behavioral Biases and Investment Decisions through Gender and Education Perspectives in Indonesia Interbank Call Money Market Saur Costanius Simamora (a*), Nugraha (b), Imas Purnamasari (c) (a, b, c) Faculty of Economic & Business Education, Universitas Pendidikan Indonesia, Bandung, Indonesia (a) Faculty of Economic, Universitas Dirgantara Marsekal Suryadarma, Jakarta, Indonesia Abstract The interbank call money market plays an essential role in the financial system, whereby financial institutions and banks borrow and lend funds on a short-term basis from each other. This research investigates whether 11 behavioral biases (Availability, Hindsight, Representativeness, Overreaction, Conservatism, Anchoring Adjustment, Confirmation Bias, Excessive optimism and overconfidence, Mental Accounting, Framing Effect, and Disposition Effect) and investment decisions have significant differences or not through gender and education perspectives. Thirty-two (32) respondents were sampled online through a questionnaire from Indonesian banking companies. Data were examined and analyzed by non-parametric Mann-Whitney statistical analysis technique using SPSS as the statistical tool. The data revealed significant differences between men and women with excessive bias. Also, there is a significant difference between Diploma-bachelor^s and master^s degrees in the excessive and disposition bias. While at investment decisions, there are no significant differences through gender and education perspectives. Keywords: investment decision, behavioral bias, interbank call money market Share Link | Plain Format | Corresponding Author (Saur Simamora)

33	Financial Management and Accounting	ABS-140
The Effect of Liquidity Ratio, Solvency and Profitability on Financial Distress in Retail Trading Sub-Sector Companies Tiar Lina Situngkir, Fety Nurlia Muzayanah*, Novian Ekawaty, Miftah Jiwa Nawwar Fauzan, Rina Maria Hendriyani Universitas Singaperbangsa Karawang Jl. HS. Ronggo Waluyo, Telukjambe Timur, Karawang, Jawa Barat, Indonesia - 41361 *fety.muzayanah[at]fe.unsika.ac.id Abstract Companies need to maintain their business to avoid financial distress which can result in business bankruptcy. The research aims to determine, analyze and explain the effect of liquidity ratios, solvency and profitability on financial distress. The analytical method used in this research is descriptive analysis and verification with a quantitative approach. The research was conducted at 10 retail trade sub-sector companies listed on the Indonesia Stock Exchange for the 2016-2020 period. The data analysis technique used is multiple linear regression analysis. The financial distress prediction results using the Z-Score method show 4 companies in the healthy category, 4 companies in the gray area category and 2 companies in the financial distress category. The results of the analysis show that partially the ratio of liquidity, solvency and profitability has a significant influence on financial distress. Simultaneously shows the ratio of liquidity, solvency and profitability have a significant influence on financial distress. Keywords: Liquidity Ratio, Solvency, Profitability and Financial Distress Share Link | Plain Format | Corresponding Author (Fety Nurlia Muzayanah)

34	Financial Management and Accounting	ABS-149
Analysis of Transparency of Zakat Management Organization in Indonesia Isro^iyatul Mubarokah, Fety Nurlia Muzayanah, Yulis Sulastri, Gita Jumaida Panjaitan University of Singaperbangsa Karawang Abstract BAZNAS is a institution zakat management in Indonesia appointed by the government. As institutions that manage public funds, issues transparency becomes very crucial thing for zakat management organization, because this will impact direct to good or bad zakat management organization reputation systemic. The aims of this study is to know the level transparency of Provincial BAZNAS in Indonesia. The method of this study is descriptive quantitative. Analysis tools used in this study is index transparency of zakat management organization. The results showed that of the 34 Provincial BAZNAS in Indonesia, 24 Provincial BAZNAS were in the less transparent category and 10 Provincial BAZNAS were in the moderately transparent category. Provincial BAZNAS need to evaluate so level transparency and trust public increase. Keywords: Human Development Index, Provincial BAZNAS, Transparency, Zakat Management Organization Share Link | Plain Format | Corresponding Author (Isroiyatul Mubarokah)

35	Financial Management and Accounting	ABS-150
The Effect of Swiftlet Nest Tax on Local Own-Source Revenue in Five Regencies in The Northern Region of West Java Province, Indonesia Widya Febriari Anita (a), Rabhi Fathan Muhammad(a*), Rulyanti Susi Wardhani (a) a: Faculty of Economics, Universitas Singaperbangsa Karawang, Karawang 413361, Indonesia *rabhifm[at]fe.unsika.ac.id Abstract The swiftlet^s nest tax has excellent potential to be explored, considering that the northern West Java Province region is suitable for producing swiftlet nests. Increased swiftlet^s nest tax revenue is expected to encourage a rise in Local Own-Source Revenue to support sustainable development in these regencies. This study^s purpose is to analyze the effect of the swiftlet^s nest tax on the Local Own-Source Revenue of the regencies in the northern region of West Java Province. Following the literature search results, there are no reports of the research on swiftlet nest tax related to local Own-Source Revenue utilizing the unit of analysis based on a region within the province. Accordingly, the study proposes a different thing of exploring the relationship between the two variables with a broader unit of analysis, namely a region with various regencies within a province. Using the unit of analysis is expected to produce recommendations for improving revenue from the swiftlet nest tax that each regency government in the same region faces. The study employs econometric methods through analysis of the panel data regression model. The results showed that the swiftlet nest tax revenue in these regencies after the implementation of Law Number 28 of 2009 concerning Local Taxes and Retributions still has not yet produced a real contribution to Local Own-Source Revenue. Efforts are needed to raise the tax revenue, among others, by collecting data on swiftlet nest business owners, sorting the businesses based on productivity, and socializing and educating the business owners. Keywords: Natural Resource Tax, Fiscal Decentralization, Panel Data Model Share Link | Plain Format | Corresponding Author (Rabhi Fathan Muhammad)

36	Financial Management and Accounting	ABS-153
Aggregate Herding Behavior in Asymmetric and During Pandemic Covid-19: Evidence from ASEAN Capital Market Gusni (a*), Nugraha (b), Disman (c), Maya Sari (d) a) Faculty of Economics and Business, Widyatama University /Doctoral Student of Management, Universitas Pendidikan Indonesia b) Faculty of Economics and Business education, Universitas Pendidikan Indonesia c) Faculty of Economics and Business education, Universitas Pendidikan Indonesia d) Faculty of Economics and Business education, Universitas Pendidikan Indonesia Abstract Aggregate herding behavior can arise in asymmetric scenarios when the market is in different states (up and down markets), and also during the COVID-19 pandemic, which may lead to stock market stress. The purpose of this study is to look into the existence of aggregate herding behavior in asymmetric conditions and during the COVID-19 pandemic from four capital markets in ASEAN. This study employs a cross-sectional dispersion approach to capture herding by employing daily closing stock price data from January 2015 to December 2020. The findings revealed that asymmetric herding was only discovered in the Thailand capital market when the market was down, whereas there was no asymmetric herding behavior in other capital markets. During the COVID-19 pandemic, herding behavior occurred in the Malaysian, Thailand, and Singapore capital markets, but not in the Indonesian capital market. These findings may assist capital market officials anticipate herding behavior to keep capital markets stable, especially during times of high market volatility in ASEAN capital markets. Keywords: herding behavior- asymmetric herding- Covid-19 Pandemic- ASEAN Capital Market Share Link | Plain Format | Corresponding Author (Gusni Gusni)

37	Financial Management and Accounting	ABS-155
Behind the Investment Curtain: Exploring Internal and External Factors Influencing Mutual Fund Investment Decisions in Indonesian Stock Market Rengga Madya Pranata (a*), Nugraha (b), Maya Sari (c), Agus Rahayu (d), Lili Adi Wibowo (e). a) Doktor Ilmu Manajenemen, Fakultas Pendidikan Ekonomi dan Bisnis, Universitas Pendidikan Indonesia, Bandung, Indonesia. b) Doktor Ilmu Manajenemen, Fakultas Pendidikan Ekonomi dan Bisnis, Universitas Pendidikan Indonesia, Bandung, Indonesia. c) Doktor Ilmu Manajenemen, Fakultas Pendidikan Ekonomi dan Bisnis, Universitas Pendidikan Indonesia, Bandung, Indonesia. d) Doktor Ilmu Manajenemen, Fakultas Pendidikan Ekonomi dan Bisnis, Universitas Pendidikan Indonesia, Bandung, Indonesia. e) Doktor Ilmu Manajenemen, Fakultas Pendidikan Ekonomi dan Bisnis, Universitas Pendidikan Indonesia, Bandung, Indonesia. Abstract Mutual funds are one of the most popular investment products in Indonesia. The performance of mutual funds is strongly influenced by several factors, such as the selection of stocks in the portfolio, the age or age of a mutual fund, and the current inflation rate in the money market. This study aims to analyze the influence of these three factors on mutual fund performance. This study uses secondary data from 10 types of equity mutual funds in the period 2018 to 2022. The data was then analyzed using penel data regression. The results showed that stock selection in the portfolio has a significant positive effect on mutual fund performance. The age or age of a mutual fund also has a significant positive effect on its performance. In conclusion, investors should pay close attention to the selection of stocks in the portfolio and the age or age of a mutual fund to get optimal investment results from these investment products. However, other factors such as macroeconomic conditions still need to be examined further to improve investment performance through mutual fund products. Keywords: Equity Mutual Fund- Stock Selection- Age of the Fund- Inflation Rate- Mutual Fund Performance. Share Link | Plain Format | Corresponding Author (Rengga Madya Pranata)

38	Financial Management and Accounting	ABS-158
The effect of Cognitive Bias Toward Investment Decision of Young Investor in Indonesia Tiar Lina Situngkir (1) , Nugraha (2) , Moch Ikshan Salis (3) , Addiena Hanifah (4) , Lintang Duta Bramantya (5) (1) Universitas Singaperbangsa Karawang, Jawa Barat,Indonesia (tiarlina.situngkir[at]fe.unsika.ac.id) (2) Universitas Pendidikan Indonesia,Bandung,Indonesia Abstract The aims of the research was to investigate cognitive bias toward investment decision on young investor in Indonesia. Subject of the research is young investor, and the object of research is behavior of cognitive bias of young investor in Indonesia. The method used was quantitative research and analyzing technic is regression using SPSS version 21. The research investigates partial and simulant effect of cognitive bias affecting investment decision on young investor. Cognitive bias consists of overconfidence and disposition bias as independent variable. Investmen decision is as dependent variabl. The results depicted that overconfidence and disposition effect had significant influence on young investor^s investment decision in Indonesia. Keywords: Cognitive bias, Disposition bias, Investmen Decision Overconfidence, young investor Share Link | Plain Format | Corresponding Author (Tiar Lina Situngkir)

39	Financial Management and Accounting	ABS-159
The Effect of Mergers and Acquisitions on the Financial Performance of Companies Listed on the Indonesia Stock Exchange (IDX) for the 2021 Period Nadya Salsabila(1*), Maya Sari(2), and Imas Purnamasari(3) Universitas Pendidikan Indonesia, Jl. Dr. Setiabudi No.229, Bandung, West Java 40154. dyasalsabila[at]upi.edu Abstract This research aims to determine the effect of mergers and acquisitions on the financial performance of companies listed on the Indonesia Stock Exchange during the 2021 research period. The data collection method used in this research is a purposive sampling technique, based on existing criteria, there are 6 samples company. The company^s financial performance is measured by using financial ratios: Return On Assets (ROA), Current Ratio (CR), Debt To Asset Ratio (DAR), Total Asset Turnover (TATO), Earning per Share (EPS). The analytical method used in this study is the analysis of different tests T-test and Wilcoxon signed rank test. The results of the study show that companies that carry out mergers and acquisitions in 2021 with an average period of 1 year before and 1 year after mergers and acquisitions show no difference in Return On Assets (ROA), Current Ratio (CR), Debt To Asset Ratio (DAR), Total Asset Turnover (TATO), Earning per Share (EPS) before and after mergers and acquisitions. Keywords: Financial Performance, Mergers and Acquisitions, Current Ratio, Debt To Asset Ratio, Total Asset Turnover, Earning per Share. Share Link | Plain Format | Corresponding Author (Nadya Salsabila)

40	Financial Management and Accounting	ABS-160
Analysis of Performance Measurement of Village Unit Cooperatives (KUD) Using the Balanced Scorecard Amelia (a*), Anggi Yulianti (a), Melan Nur Meilani (a), Fitrina Kurniati (a), Yana Setiawan (a) a) Fakultas Pendidikan Ekonomi dan Bisnis, Universitas Pendidikan Indonesia, Bandung 40154, Indonesia *amelia15[at]upi.edu Abstract This study aims to determine and analyze the performance of the Sarwa Mukti Village Unit Cooperative (KUD), Cisarua, using the Balanced Scorecard method. The analysis used in this study is Current Ratio, Debt to Asset (DAR), Return on Assets (ROA), Customer Acquisition (CA), Customer Retention (CR), Respond Time, and Employee Productivity. Based on the study results, it was concluded that the financial perspective seen from the Current Ratio is considered lacking. This is shown as a percentage that shows results below the criteria. Then, (DAR) is one of the suitable criteria, even though it has increased and decreased. The following financial perspective is that ROA is considered lacking. This is shown by the ability of cooperatives to produce total assets that have decreased. The customer^s perspective on Customer Acquisition (CA) is lacking, and Customer Retention (CR) shows good value. This is seen in the ability to maintain relationships with members has increased very significantly every year. The perspective of internal business processes seen from operational processes can be pretty good because it pays great attention to the timeliness of delivery and product quality conditions. The perspective of learning and growth seen from employee productivity and employee performance is considered sufficient, and this is shown by the cooperative^s operating income from the number of available employees. Keywords: Balanced Scorecard- Cooperative- Performance Share Link | Plain Format | Corresponding Author (Amelia Amelia)

41	Financial Management and Accounting	ABS-168
BEHAVIORAL BIAS IN RETIREMENT PLANNING: A LITERATURE REVIEW Heraeni Tanuatmodjo, Nugraha, Disman, Toni Heryana Universitas Pendidikan Indonesia Abstract A decent and good life is generally always desired by every individual because it can guarantee the future. Because every individual in old age will experience a decrease in income, it becomes necessary to invest in order to get a decent life at that time. Increasing life expectancy makes retirement an important element in human life. Many individuals desired a retirement in which they receive various profitable and sustainable benefits. However, this can only be done in a country with a good retirement system. In this case, Indonesia is in the 92nd position among 150 countries surveyed for the global retirement ranking. When compared to other ASEAN countries, Indonesia^s ranking is still far below, especially when compared to countries with good retirement systems. The findings also showed that the Indonesian people^s awareness of making investment decisions is still low. In order to meet the needs of retirement, some individuals invest in the present, sacrificing consumption in the present to obtain income in the future. Therefore, from a young age, individuals must carry out financial planning, namely setting aside around 30% -40% of monthly income for investment. Based on the literature review, some research showed that because of market fluctuations, retirees still felt they didn^t have enough money, while other studies showed that making good decisions could become more challenging with age. This could be influenced by someone^s irrational attitude which was expressed in behavioral biases Keywords: Behavioral Bias, Retirement Planning Share Link | Plain Format | Corresponding Author (Heraeni Tanuatmodjo)

42	Financial Management and Accounting	ABS-178
Fear of Missing Out (FOMO) & Investment: A Systematic Literature Review Rulit Candra, Aisah, Nugraha Universitas Pendidikan Indonesia Abstract The purpose of this systematic review article is to analyze prior studies of fear of missing out (FoMO) and investment. The data collected comes from three databases i.e., Scopus, Ebsco Host, and Taylor & Francis, using PRISMA guidelines. The primary inclusion criteria for this systematic review were English language articles, open-access and full-text papers, and scientific journals only. This literature review explores the relationship between the fear of missing out (FoMO) and investment behavior. The findings highlight the significant influence of FoMO on investment decisions, emphasizing the importance of understanding psychological factors, emotional biases, and contextual influences in shaping investor behavior and improving investment outcomes. To gain a better understanding of the complex relationships between FoMO and investment, future research can include empirical studies, investigate other behavioral biases, explore the impact of demographic factors, conduct cross-cultural studies, and use virtual reality or real-world scenarios. These research directions aim to enhance decision-making in investments. Keywords: Fear of missing out, FOMO, Investment, Finance, Financial Behavior Share Link | Plain Format | Corresponding Author (Rulit Candra)

43	Financial Management and Accounting	ABS-207
The Effect of Stock Split on Trading Volume and Bid-Ask Spread: Evidence from Indonesian Stock Market in 2022 Rahmat Fajar Santoso Muslim (a), Maya Sari (a), Imas Purnamasari (a) a) Universitas Pendidikan Indonesia Abstract This study aims to examine the impact of stock splits on trading volume and bid-ask spread in the Indonesian stock market. The research employs a quantitative approach with a pre-post design, comparing the data before and after the stock splits. The data used in the analysis were obtained from the Indonesia Stock Exchange (IDX) and include information on the trading volume and bid-ask spread for 11 companies that underwent stock splits. The analysis compares the average trading volume and bid-ask spread before and after the announcement of stock splits. The findings indicate that stock splits have an influence on trading volume and bid-ask spread in the Indonesian stock market in 2022. However, the impact is not significant for all companies and can be influenced by other factors such as market conditions, investor sentiment, company performance, and overall market liquidity. Keywords: Stock Split, Trading Volume, Bid-Ask Spread. Share Link | Plain Format | Corresponding Author (Rahmat Fajar Santoso Muslim)

44	Financial Management and Accounting	ABS-208
The Influence of Dividend Policy, Debt Policy, and Profitability on the Firm Value of Banking Companies Listed on the Indonesia Stock Exchange in the Period of 2019-2022. Sarah Aulia Rahim1, Maya Sari2, Imas Purnamasari3 Universitas Pendidikan Indonesia Abstract This research aims to investigate the influence of dividend policy, debt policy, and profitability on the firm value of banking companies listed on the Indonesia Stock Exchange in the period of 2019-2022. The research object consists of 12 banking companies listed on the Indonesia Stock Exchange. The analysis method employed is multiple linear regression with tests for normality, heteroscedasticity, autocorrelation, and t-test. The findings indicate that dividend policy has a significant positive effect on firm value, whereas debt policy does not have a significant effect. Additionally, profitability has a significant positive influence on firm value. In conclusion, dividend policy and profitability play significant roles in determining the firm value of banking companies. Keywords: Dividend policy, Debt policy, Profitability, The value of the company Share Link | Plain Format | Corresponding Author (Sarah Aulia Rahim)

45	Financial Management and Accounting	ABS-218
Optimal Capital Structure Analysis of PT Centratama Telekomunikasi Indonesia Tbk Rafly Zahriansyah (a*), Mandra Lazuardi Kitri (b) (ab) School of Business and Management, Institut Teknologi Bandung Jalan Ganesha 10, Bandung 40132, Indonesia *rafly_zahriansyah[at]sbm-itb.ac.id Abstract PT Centratama Telekomunikasi Indonesia, Tbk has been significantly increasing their telecommunication tower portofolio every year since 2017, primarily through acquisition. In 2022, the company acquired approximately 4,000 telecommunication towers, propelling it to become the third-largest telecommunication tower provider in Indonesia. However, this debt-funded acquisition resulted in the interest expense to be higher than the EBIT which causes the net income to be in the negative. The magnitude of this negative income exhausted the remaining equity from the company, resulting in a negative equity position. Recently, PT Centratama Telekomunikasi Indonesia, Tbk is planning to acquire an additional 397 telecommunication towers that will cost the company IDR 1.17 Trillion. PT Centratama Telekomunikasi Indonesia, Tbk intends to finance this acquisition through a combination of internal cash and debt. This financing decision should be thoroughly assessed to ensure that PT Centratama Telekomunikasi Indonesia, Tbk is able to acquire funds with the least cost. The most favorable financing strategy can be assessed by calculating the optimal capital structure of the company to determine the lowest cost from the financing. This research will use the Weighted Average Cost of Capital method to determine the optimal capital structure. Based on the 2021 restated financial report of PT Centratama Telekomunikasi Indonesia, Tbk, the capital structure of the company is currently at 38.14% equity and 61.86% debt which incurs cost of capital of 10.75%. Meanwhile, the optimal capital structure calculation suggested PT Centratama Telekomunikasi Indonesia, Tbk can achieve the lowest cost of capital at 9.08% with the proportion of equity and debt at 86% and 14%, respectively. Therefore, the most favorable financing strategy for the recent acquisition plan is by using equity in order to achieve the optimal capital structure. Keywords: PT Centratama Telekomunikasi Indonesia Tbk- Optimal Capital Structure- Cost of Capital- Financing Strategy Share Link | Plain Format | Corresponding Author (Rafly Zahriansyah)

46	Financial Management and Accounting	ABS-225
Optimal Capital Structure of PT TBS Energi Utama Tbk Farrell Justin Wismanto, Mandra Lazuardi Kitri Bachelor of Management Program, School of Business Management Institut Teknologi Bandung Abstract PT TBS Energi Utama Tbk is one of the coal mining companies in Indonesia that plans to enter renewable energy industries, while also building electric vehicle ecosystem. The company requires USD 500,000,000 to support this expansion plan, the sources of which have yet to be determined. Its current capital structure consists of 54.22% debt and 45.78% equity, implying 118.4% debt-to-equity ratio. This ratio greatly contrasts from both coal and renewable energy industry average in Indonesia of 22.03% and 78.36%, respectively. As a result, before choosing the source of funding for the projects, it is essential to examine if the current capital mix is already optimal ideal, given that the industry average is sometimes considered in targeting capital structure. This study utilizes the Cost of Capital approach in analyzing optimal capital structure, which can be found by identifying the lowest cost of capital in each debt level using Weighted Average Cost of Capital (WACC) formula. To simulate the cost of capital, this study uses Damodaran Synthetic Rating to estimate cost of debt and Capital Asset Pricing Model (CAPM) to estimate cost of equity. Based on the calculation, the current capital structure is already optimal since the current cost of capital is lower than those in all debt levels. Hence, the appropriate financing strategy is to apply the current capital mix to the investment amount, leading to USD 271,107,056 debt raised and USD 228,892,944 equity raised. In addition, it is proper for PT TBS Energi Utama Tbk to have a huge difference in capital mix from the industry average. Keywords: PT TBS Energi Utama Tbk, Optimal Capital Structure, Cost of Capital Share Link | Plain Format | Corresponding Author (Farrell Justin Wismanto)

47	Financial Management and Accounting	ABS-226
ESG SCORE IMPACT ON INDONESIA LISTED FIRMS^ FINANCIAL PERFORMANCE: EVIDENCE FROM SRI KEHATI LISTED FIRMS DURING PRE-PANDEMIC PERIOD Kevin Bernanda Bethran, Acip Sutardi Institut Teknologi Bandung Abstract ESG, stands for Environmental, Social, and Governance, is a framework used to evaluate sustainability and ethical impact of a business based on its environmental practices, social responsibility, and corporate governance. ESG is getting more awareness especially due to the United Nation agenda in sustainability, but ESG itself is still a topic that constantly develops over time. Now, ESG is seen as one of the factors when evaluating companies performance. Many prior researches have sought to see the relationship between ESG to firms financial performance in many countries. However, the results show contradicting findings. In addition, there has been limited research about ESG in emerging economies countries, including Indonesia. With the uncertainty of prior research results, complexity emerges in understanding ESG impact in these countries. Therefore, this research aims to unfold how ESG has impacted Indonesian firms financial performance, represented by exemplary sustainable companies listed in SRI KEHATI index, prior to the covid pandemic period. This research uses secondary data, collected through Refinitiv Workspace. Publicly traded firms listed in the SRI KEHATI index with complete ESG and financial data in Refinitiv are selected from 2010 to 2018. However, due to the lag one year concept of the research, data for financial performance are collected during 2011 to 2019 period. The research deployed the Panel Data Regression method with ROA and ROE acting as proxies to financial performance. The result shows that ESG, collectively and as individual pillars, have no significant impact on SRI KEHATI firms financial performance during the timeline of the research. The result is understandable since Indonesia has just started to put emphasis on sustainability in the financial market in 2017, marked by OJK regulation (no.51/POJK.03/2017) about sustainability reporting, along with some other reasons. Keywords: ESG- Financial Performance- Sri Kehati Share Link | Plain Format | Corresponding Author (Kevin Bernanda Bethran)

48	Financial Management and Accounting	ABS-227
Model Moderation Model on the Fed Funds Rate on Portfolio Equity Flows in Southeast Asia Wilman San Marino (a*), Ignatia Bintang Filia Dei S. (b), Tine Badriatin (c) a,b,c) faculty of Economics and Business, Universitas Siliwangi Jalan Siliwangi No 24, Tasikmalaya 46115, Indonesia *wilman[at]unsil.ac.id Abstract The impact of globalization on cross-country portfolio investment is the high flow of stocks and bonds with the primary goal of taking high yields from rising prices without aiming to own a company. Emerging market have generally been net recipients of foreign capital in recent decades, including the countries in Southeast Asia consisting of Indonesia, the Philippines, Malaysia, Singapore, and Thailand. The Fed Fund Rate is believed to be the most influential factor in portfolio flows to various emerging market countries. This study will model port-folio equity flows to Southeast Asia over the last 20 years. Model testing uses moderation analysis process model 4 by Andrew F. Hayes. The findings of this study indicate that the Fed Funds Rate has a greater effect on Southeast Asia^s Equity Flows Portfolio than Internal Gross Domestic Product, which indicates the economic strength of a country in Southeast Asia. Keywords: Emerging Market, Fed Funds Rate, GDP, Portfolio Equity Flows Share Link | Plain Format | Corresponding Author (Wilman San Marino)

49	Financial Management and Accounting	ABS-236
Measuring Learning and Engagement of Adult in a Money Museum: Development of Financial Knowledge Mohd Halim Mahphoth (a*),Wei-Loon Koe (a), Puspo Dewi Dirgantari (b), Yusuf Murtadlo Hidayat (b) a) Faculty of Business and Management, Universiti Teknologi MARA Cawangan Melaka Malaysia Kampus Bandaraya Melaka, 110 Off Jalan Hang Tuah, 75300 Melaka *mohdhalim282[at]uitm.edu.my b) Faculty of Economics and Business Education Universitas Pendidikan Indonesia Jl. Dr. Setiabudi No.229, Isola, Kec. Sukasari, Kota Bandung, Jawa Barat 40154, Indonesia Abstract Financial literacy plays a critical role in the lives of adults, empowering them with the knowledge and skills necessary to make informed financial decisions. Unfortunately, many adults lack the necessary financial knowledge, which can lead to poor financial decisions, increased debt, and limited opportunities for financial growth. Therefore, it is crucial to emphasize the importance of financial literacy among adults and provide them with the tools and resources needed to navigate the intricacies of personal finance. Financial literacy education in museums can be a valuable and engaging way to promote financial knowledge and skills among adults. Museums offer unique learning environments where visitors can explore various aspects of personal finance through interactive exhibits, workshops, and educational programs. Thus, this study examined the relationship between engagement and learning experience in a museum among adult visitors. Result from the findings indicated that engagement and learning experience are interconnected in a museum setting. By promoting active learning through sensory, affective, cognitive and social engagement, museums can create an environment where visitors are actively involved in the learning process and derive maximum educational benefits from their visit. These were used to prompt further discussion on empowering individuals to achieve their financial well-being and help visitors understand the broader implications of financial decisions through museums^ unique educational offerings. Keywords: Engagement, Learning, Financial Knowledge, Adult, Museum Share Link | Plain Format | Corresponding Author (MOHD HALIM MAHPHOTH)

50	Financial Management and Accounting	ABS-239
BIBLIOMETRIC COMPUTATIONAL MAPPING ANALYSIS OF PUBLICATIONS ON GREEN FINANCE AND FINANCIAL TECHNOLOGY USING VOSVIEWER Muhamad Syahwildan(1*), Nugraha(2), Maya Sari(3), Imas Purnamasari(4), Agus Rahayu(5), Lili Adi Wibowo(6) 1 Indonesian Education University 2 Indonesian Education University 3 Indonesian Education University 4 Indonesian Education University 5 Indonesian Education University 6 Indonesian Education University *Corresponding author. Email : muhamad.syahwildan[at]upi.edu Abstract This study uses a bibliometric method together with computational mapping analysis conducted with VOS viewer to look at the growth of research on green finance and financial technology. The Google Scholar database was used to get article data, which was then entered into the publish or perish reference management program. By using the keywords ^Green Financial Technology^, ^Green Finance^, ^Financial Technology^, and ^Green FinTech^, article titles and abstracts are utilized to direct the search process. 989 items were discovered and deemed relevant. The research period covered by the study material is the last five years^ worth of Google Scholar-indexed publications (2018 to 2022). The study^s findings indicate that three terms green finance, financial technology, and fintech--can be used to categorize research on green finance technology. With a strength of 1802 connections, the phrase ^Green finance^ has 191 links. The terms ^Financial technology^ and ^Fintech^ each have 197 and 186 links, respectively, totaling 2046 and 1121 links. The research of the growth of financial technology and green publications over the last five years revealed some noteworthy trends. Between 2018 and 2020, there was a rise from 99 in 2018 to 243 in 2020, however from 2020 to 2022, there was a decline in research. In contrast, 243 investigations on well-known green financial technologies were conducted in 2020. Using VOS viewer, we counted the number of articles that have been written regarding green financial technology and how it relates to green finance. This review may serve as the basis for further investigation into other subjects, such as green fintech. Keywords: Bibliometrics, Green Fintech, Green Finance, Financial Technology, Fintech Share Link | Plain Format | Corresponding Author (Muhamad Syahwildan)

51	Financial Management and Accounting	ABS-246
Does information and communication technology matter for corporate investment? International evidence Muhammad Yusuf Indra Purnama 1.Department of Finance, National Central University, Taiwan 2.Department of Economics, Faculty of Economics and Business, Universitas Sebelas Maret, Surakarta Abstract In this study, we examine the effect of information and communication technology on corporate investment across 88 countries and spanning from 2000 to 2020. Additionally, we also focus on how such relationship can vary by financial constraints. Our main finding is that technological inclusion of information and communication technology is positively related to corporate investment. The effect is less apparent for firms facing financial constraints. Our results may yield implications that policymakers should consider the decisions of financially constrained firms when designing policies related to facilitating technological inclusion of information and communication technology. Keywords: Corporate investment, information and communication technology Share Link | Plain Format | Corresponding Author (Muhammad Yusuf Indra Purnama)

52	Financial Management and Accounting	ABS-250
Digital Financial Literacy And Digital Financial Inclusion: Efforts To Overcome Challenges After The Covid-19 Pandemic And Increase The Independence Of Financial Management Azizah Fauziyah, Arief Budiman, Harpa Sugiharti, Sri Hardianti Sartika, Sabrina Khairunnisa, Siti Aty Ruhayati Universitas Pendidikan Indonesia Abstract Indonesia^s post-Covid-19 recovery witnessed various sectors, including Micro, Small, and Medium Enterprises (MSMEs), striving to sustain their businesses through improved financial management. Digital financial literacy and inclusion emerged as crucial aspects in the company^s financial recovery programs. This study focuses on MSME entrepreneurs in Tasikmalaya City and aims to describe the role of digital financial literacy and inclusion in fostering financial management independence. By utilizing a qualitative case study approach with participatory observation and secondary data sources, the study revealed that digital financial literacy positively correlated with increased knowledge, rational attitudes, and responsible financial behavior, empowering MSMEs to effectively manage their financial resources and achieve sustainable financial security. Additionally, digital financial inclusion played a vital role in bridging gaps and ensuring the journey of sustainable development. It also highlighted the significance of customer protection and complaint handling for the financial resilience of new or novice MSME actors. The research contributes to understanding the importance of digital financial literacy and inclusion in enhancing MSMEs^ financial capabilities, promoting sustainable financial security, and supporting national Sustainable Development Goals. Collective efforts from various stakeholders are crucial to ensure the long-term prosperity of MSMEs and their active participation in the sustainable development process. Keywords: digital financial literacy, digital financial inclusion, SDGs, MSMEs Share Link | Plain Format | Corresponding Author (Azizah Fauziyah)

53	Financial Management and Accounting	ABS-254
The Effect of Leverage on Profitability (Studies on Financial Technology Companies Listed on the NASDAQ in 2016-2021) Sulastri Sulastri- B.Widjajanta- D.S Ningrum Universitas Pendidikan Indonesia Abstract This study aims to obtain an overview of the leverage of profitability in financial technology companies listed on the NASDAQ. The type of research used is descrip-tive and verification research with explanatory research methods. The sampling tech-nique in this study is purposive sampling technique with a total sample of 4 financial technology companies listed on the NASDAQ. The data analysis technique used in this study is a panel data regression analysis technique with data processing applica-tions using the Eviews 10 program. The findings of the descriptive research show that leverage (DAR) has fluctuated and profitability (ROA) has tended to decrease in 2016-2021. The findings of the verifikative research show that leverage has a negative effect on profitability. Based on the results of this study, it can be concluded that the higher the level of leverage achieved by the company, the level of profitability will decreas. Keywords: Leverage, Profitability, DAR, ROA, FinTech Share Link | Plain Format | Corresponding Author (Sulastri Sulastri)

54	Green Business and Economic Education	ABS-257
The Effect of Prior Knowledge and Technology Mastery Ability on the Readiness to Become Prospective Teachers in Students of the Education Study Program at FPEB, Universitas Pendidikan Indonesia Selli Indria (a), Alsel Indi Orrico (a), Lutfi Amalia (a), Kinanti Geminastiti Hilimiatussadiah (a), Fazar Nuriansyah (a) Pendidikan Ekonomi, Universitas Pendidikan Indonesia, Bandung, Indonesia Abstract This study aims to find out how the influence of prior knowledge and mastery of technology on the readiness to become prospective teachers in students of the education study program at the FPEB of the Indonesian University of Education. Through the value of lesson planning courses, learning evaluation, and ICT literacy and learning media. This research method uses quantitative methods, namely research for certain populations or samples. The population used in this study were students of the education study program at the FPEB UPI class of 2020. Data analysis used multiple regression analysis which resulted that prior knowledge had no effect on readiness to become prospective teachers, while mastery of technology had a positive effect on readiness to become prospective teachers. Keywords: Readiness to Become a Teacher Share Link | Plain Format | Corresponding Author (Selli Indria)

55	Green Business and Economic Education	ABS-32
THE POTENTIAL OF EDUCATIONAL TOURISM IN INGGRIS PARE VILLAGE, KEDIRI REGENCY, EAST JAVA Ogie Martua Irmansyah(1), Muhammad Aqil Haibatul Akbar(2), Delia Dwiana Suminar(3) Magister Pariwisata Universitas Pendidikan Indonesia Abstract Purpose: This study aims to determine the potential of Kampung Inggris as Educational Tourism in Kediri Regency and from the potential results that exist in Kampung Inggris Pare it can have a positive impact that is beneficial for both the Manager and the surrounding community. Method: The method in this study uses a descriptive method with a qualitative approach based on case studies. The primary data of this research comes from the results of interviews with several key informants and documentation. Meanwhile, secondary data was obtained through a review of literature studies to serve as reference material in discussing related research. Data analysis techniques using data reduction, data presentation and drawing conclusions. Results: The results of this study indicate that Kampung Inggris Pare has the potential as an educational tour in East Java. With all the potential that Kampung Inggris Pare has, it can have a positive impact which includes: (1) Social Impact in the form of the hospitality of the local community towards both tourists and participants of the Kampung Inggris Pare course. (2) Economic Impact in the form of places to eat, lodging (Homestay), and rental of vehicles such as bicycles and motorbikes at affordable prices. (3) The environmental impact on Kampung Inggris Pare is shown by the existence of a clean environment around the Kampung Inggris Pare area. Contribution: This research is expected to provide benefits as input for stakeholders in English Pare Village, in developing Pare English Village Educational Tourism and improving the welfare of the surrounding community Keywords: Potential, Educational Tourism, Kampung Inggris Pare Village Share Link | Plain Format | Corresponding Author (Ogie Martua Irmansyah)

56	Green Business and Economic Education	ABS-38
Exploring the Untapped Potential of Rantau Langsat Village as an Educational Tourism Destination Beni Ismarizal, Syifa Ainurrohmah, M Aries Farhan, Elly Malihah, Rini Andari Indonesia University of Education Abstract Rantau Langsat Village holds significant potential as an educational tourism destination. However, despite its abundant resources, the village remains largely unexplored and underutilized in the context of tourism. This research aims to identify the potential of educational tourism in Rantau Langsat Village using a rationalistic approach and qualitative descriptive analysis. The findings of this study provide intriguing insights into the potential of educational tourism in Rantau Langsat Village. The village has the potential to become a leading educational tourism site by fulfilling the identification criteria of the 6A tourism components. This research holds the potential to contribute to the development of educational tourism in the village and serves as inspiration for research and development in other locations. Keywords: Educational Tourism, Tourism Potential, Cultural Learning, Improved Rural Economy. Share Link | Plain Format | Corresponding Author (Beni Ismarizal)

57	Green Business and Economic Education	ABS-47
THE INFLUENCE OF ENTREPRENEURIAL SPIRIT AND PARENTING PATTERNS TOWARD ENTREPRENEURSHIP INTEREST IN VOCATIONAL HIGH SCHOOL STUDENTS Eldi Mulyana, Lili Dianah, Siti Sunduz, Andre Jaenal Mutaqin, Nizar Alam Hamdani, Galih Abdul Fatah Prodi Pendidikan IPS Fakultas Pendidikan Ilmu Sosial Bahasa dan Sastra Institut Pendidikan Indonesia Garut Jln. Pahlawan No. 32 Sukagalih Tlp.(0262) 233556 Tarogong Kidul Garut Abstract This study aims to identify the interest in entrepreneurship from vocational high school (SMK) students in Garut. The importance of this research is to find out the awareness of vocational students after graduation, being able to open their own business, not depending on working in other people^s places. The research was conducted using a survey which was analyzed through multiple regression. The research subjects were 296 SMK students. The dependent variable is interest in entrepreneurship and the independent variable is entrepreneurial spirit and parenting style. The results showed that the interest in entrepreneurship was influenced by 40.6% of the entrepreneurial spirit of students and parenting styles. While the rest is influenced by other factors. There is a positive influence of the entrepreneurial spirit on the interest in entrepreneurship and the parenting style of the interest in entrepreneurship. The results of the correlation test show that the effect of parenting style on the interest in entrepreneurship is greater than the entrepreneurial spirit of students. Keywords: Entrepreneurial spirit, Parenting patterns, Entrepreneurship interest Share Link | Plain Format | Corresponding Author (Lili Dianah)

58	Green Business and Economic Education	ABS-76
Pengaruh Pengetahuan Awal dan Kemampuan Penguasaan Teknologi Terhadap Kesiapan Menjadi Calon Guru Pada Mahasiswa Program Studi Pendidikan di FPEB Universitas Pendidikan Indonesia Selli Indria (a), Alsel Indi Orrico (a), Lutfi Amalia (a), Kinanti Geminastiti Hilimiatussadiah (a), Fazar Nuriansyah (a) (a) Economic Education, Faculty of Economics and Business Education, Indonesian Education University Jl. Dr. Setiabudi No.229, Isola, Kec. Sukasari, Kota Bandung, Jawa Barat 40154 Abstract This study aims to find out how the effect of prior knowledge and ability to technology on the readiness to become a teachers in students of the education study program at the FPEB of the Universitas Pendidikan Indonesia. Through the value of lesson planning courses, learning evaluation, and ICT literacy and learning media. This research method uses quantitative methods, namely research for certain populations or samples. The population used in this study were 320 students of the education study program at FPEB UPI class of 2020. Data analysis used multiple regression analysis which resulted that prior knowledge had no effect on readiness to become a teachers, while mastery of technology had a positive effect on readiness to become a teachers. Keywords: Readiness to Become a Teacher Share Link | Plain Format | Corresponding Author (Alsel Indi Orrico)

59	Green Business and Economic Education	ABS-106
Evaluation and Level of Efficiency of Mulkfish Processing Centers and Regional Development Strategis as Implementation of Social Entrepreneurship Education in Mulkfish Management Centers in Padaasih Villege, Pasirwangi, Garut, West Java Hendro Sugiarto, Andre Jaenal Mutaqin, Kamaludin, Eldi Mulyana, Alni Dahlena Institut Pendidikan Indonesia (IPI) Abstract The Government^s efforts in encouraging economic improvement are carried out from various aspects. One of the fundamental aspects is increasing productivity from the upstream side, which among others is contributed through the development of science and technology by encouraging the achievement of a new graduation ratio until 2024 at 3.95% (Ministry of MSMEs, 2022). Garut Techno Park, as a business incubator institution that has been registered as a partner of LPDB-KUKM RI, must certainly participate in encouraging the growth of a new graduation ratio that is tough, innovative, and competitive. Business incubation, which is specifically for youth, has been running for 2 years., where the business incubation approach is carried out through the Startup Readiness Level model with various stages in the form of Team Founding, analyzed idea, validated idea, Problem-solution fit (Solution Generation), Prototyping, Validated prototyping, Product-Market fit (product - No Revenue), Business Model Fit ( product, limited revenue), Growing-Market share. Business incubation with the above model approach is expected to solve several solutions to the delay in achieving the ratio of new entrepreneurs in Indonesia. This research was conducted qualitatively, with a research locus of 2 start-ups that had undergone business incubation by Garut Techno Park. Keywords: Startup, Entrepreneur, Incubator, Readiness Share Link | Plain Format | Corresponding Author (Hendro Sugiarto)

60	Green Business and Economic Education	ABS-111
The Important of Developing an Adaptive and Interactive Educational Game Based Learning - Systematic Literature Review Ratu Dintha IZFS, Eka Prihatin, Masharyono, Ramdhani, Raja Pasha AZFS Universitas Pendidikan Indonesia Qwords Abstract The whole world has just experienced the peak of the Covid-19 pandemic or corona virus disease. This has an impact on several sectors, especially in the education sector. As the day goes on, students become bored and lose enthusiasm for learning because the learning media is the same. More interesting learning media innovations are needed to increase student enthusiasm for learning. There are many types of learning by utilizing technology that we can find in the world of education, one example is game-based learning media. The use of games in teaching and learning systems can stimulate students to learn more actively in solving problems. This paper used Systematic Literature Review (SLR) that is a term for a way of assisting, evaluating, and interpreting all available research that is relevant to the problem formulation or topic area under study. The purpose of this paper is to analyze and understand the benefits felt in the development of adaptive and interactive educational game-based learning. Keywords: Adaptive Learning- Interactive Education, Game Based Learning. Share Link | Plain Format | Corresponding Author (Ratu Dintha Insyani Zukhruf Firdausi Sulaksana)

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