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The Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), in collaboration with the UNS Fintech Center, organized the Working Paper Rising Star Student in Finance on Friday, 26 July 2024, at Meeting Room 1, Soeharno TS Building, FEB UNS. The event featured three presenters: M. Yusuf Indra Purnama, newly graduated PhD student of National Central University, Taiwan, and a lecturer at FEB UNS; Bambang Sutrisno, a doctoral student of the Doctoral Program in Economics (PDIE) UNS; and Inas Nurfaida Futri, a master’s student in Management at FEB UNS. The session was discussed by Prof. Ahmet Faruk Aysan from Hamad Bin Khalifa University, Qatar.

Representing the FEB UNS leadership, Putra Pamungkas, S.E., M.Rech., Ph.D., Head of the Undergraduate Study Program in Digital Business, expressed his appreciation to Prof. Aysan and the three presenters. He conveyed his gratitude to Prof. Ahmet Faruk Aysan for his willingness to attend and share insights with the presenters, as well as to the presenters for contributing their working papers in the field of finance.

He further noted that the agenda provided a valuable opportunity for academic exchange, enabling participants to learn together and discuss approaches to developing existing research topics. Putra also extended his appreciation to all participants, emphasizing that the event was designed to benefit attendees through two sessions: the first featuring presentations by the three speakers, and the second providing an opportunity for participants to consult and discuss their research topics and challenges directly with Prof. Aysan.

The first presenter, M. Yusuf Indra Purnama, presented a paper entitled “Robot Deployment and Corporate Risk-Taking,” which examined the economic impact of robot adoption in the industrial sector. His study found that the implementation of robots in industrial firms is associated with a lower level of corporate risk-taking.

The second presenter, Bambang Sutrisno, delivered a paper entitled “Dividend Policy, Stock Price Crash Risk, and Islamic Label,” analyzing the effects of the presence of politically connected members of the Board of Commissioners within firms. The study identified differences between transactional and relational political connections, showing that commissioners with transactional political ties are associated with a higher risk of firm collapse.

The final presenter, Inas Nurfaida Futri, presented her study entitled “The Success of Social Projects in Online Crowdfunding in Indonesia.” Her research indicated that fundraising activities for social causes demonstrate a higher success rate compared to fundraising initiatives for other purposes.

In May 2024, the Community Service Team from the Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), Solo, provided assistance to the Putri Kawung Joint Business Group (KUBE) in Jarum Village, Bayat, Klaten.

The community service project, entitled “Development of Digital Marketing and Natural Coloring and Utilization of Heating Machines,” was led by Prof. Dr. Rahmawati, M.Si., Ak., and involved students in various program activities.

This initiative aims to improve environmentally friendly production processes, enhance marketing capacities through information technology, strengthen institutional frameworks, and refine the adoption of appropriate technology to improve the quality of batik products using natural coloring.

The methods employed in this community service project included education on brand awareness and several business management skills such as financial management, marketable packaging, and promotion; the practice of environmentally friendly production processes using natural dyes mixed with bone powder; adoption of Appropriate Technology (TTG) for heating machines; capacity strengthening for diversifying both typical Klaten motifs and batik derivative products; quality testing and certification of batik mark quality, especially for batik products using natural coloring; TTG utilization for bone powder in natural dyeing processes to improve product quality and prevent color fading; and information technology-based business management through digital marketing.

This community service activity was designed to benefit all parties involved. For KUBE Batik Putri Kawung, this activity provided valuable experience to further enhance product quality. For academic lecturers, it served as an implementation of the Tri Dharma of Higher Education. For participating students, it offered additional knowledge through direct learning about real-world community issues and potential solutions.

Additional support that has motivated artisans in Jarum Village includes government assistance such as a showroom to display products created by the association members and six sewing machines from the Department of Industry and Trade, which have not yet been fully utilized by KUBE Putri Kawung.

Support also came from local government agencies through the village administration, Bappeda, and the Department of Industry and Trade of Klaten Regency. In order to strengthen the independence of the batik industry in Jarum Village, particularly involving the SMEs of KUBE Putri Kawung, the Ministry of Research, Technology, and Higher Education is consulted about providing support in the form of facilities for the association’s marketing outlets, managerial skill development for partner SMEs, and infrastructure development for information technology-based supply and marketing networks.

The expected outcome of this activity is to raise the level of understanding among KUBE Putri Kawung business actors, leading to product innovation that ultimately can drive income optimization and the community economic welfare in Bayat, Klaten Regency.

The People’s Economy Research Group (RG) from the Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), has successfully organized a community service activity entitled “Empowerment and Institutional Development of Consumption Fish Farmers in Tulungagung.”

This activity not only aims to enhance the welfare of local fish farmers but also served as part of UNS’s Students’ Community Service Program (KKN), where students were directly involved in community empowerment.

Held on July 16-17, 2024, the event involved various stakeholders, including students, faculty members, and the local community. A series of educational and training activities were conducted, covering effective fish farming techniques, feed management, and fish production management. Additionally, the primary focus of this initiative was to build strong institutions among fish farmers to increase their bargaining power in the market.

Bhimo Rizky Samudro, S.E., M.Si., Ph.D., Head of the People’s Economy Research Group at UNS, stated that this activity is a testament to UNS’s commitment to supporting a people-based economy. “We believe that with proper empowerment and the formation of solid institutions, fish farmers can significantly improve their welfare,” he said.

Additionally, students give positive feedback to the KKN program as an integral part of this program. They believed that they acquired valuable experience and practical knowledge that is beneficial for their daily lives and academic endeavors. “Through this KKN, we were able to observe firsthand and see how the knowledge we learn in the classroom is applied in real life by going straight to the field,” said one of the participating KKN students.

One of the fish farmers who participated, Pak Eko, expressed his gratitude to UNS. “We are very grateful for this activity. We have learned better farming techniques and how to sell our harvest at more profitable prices,” he said.

Looking ahead, the People’s Economy Research Group at FEB UNS plans to continue similar activities in various other regions, hoping to empower more communities and build a stronger people-based economy.

The Quality Assurance Unit (UPM) of the Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), organized an International Quality Assurance Benchmarking activity with Assoc. Prof. Dr. Mohamad Shaharudin bin Samsurijan, Dean of the School of Social Sciences, Universiti Sains Malaysia (USM), on Tuesday, 16 July 2024. The activity was conducted virtually and attended by the Dean Office, Coordinators for Monitoring and Evaluation, Internal Quality Assurance System (SPMI), External Quality Assurance System (SPME), Quality Control Groups (GKM), as well as faculty coordinators at FEB UNS.

In her opening remarks, Dr. Dwi Prasetyani, S.E., M.Si., Vice Dean for Academic Affairs, Research, and Student Affairs of FEB UNS, expressed her sincere appreciation to Assoc. Prof. Dr. Mohamad Shaharudin Samsurijan for his willingness to participate virtually and share insights on quality assurance practices implemented at the School of Social Sciences, USM. She conveyed the expectation that the meeting would generate mutual benefits for both FEB UNS and the School of Social Sciences, USM.

Dr. Dwi further explained that FEB UNS currently manages four undergraduate Study Programs, three master’s Study Programs, and one doctoral Study Program. These Study Programs have obtained international accreditation from AQAS and achieved an “Excellent” status in the national accreditation conducted by LAMEMBA. In addition, she noted that FEB UNS is committed to preparing for the submission of AACSB accreditation in the current year.

“As we understand, quality assurance can be divided into internal and external mechanisms, where institutions often place greater attention on external quality assurance. Nevertheless, UNS has developed an internal system to support the implementation of internal quality assurance,” she stated.

She also expressed hope that UNS and USM would establish future collaboration and cooperation, including opportunities for academic visits, joint activities, or guest lectures involving the academic community of FEB UNS and the School of Social Sciences, USM.

Meanwhile, Prof. Dr. Budhi Haryanto, M.M., Head of the Quality Assurance Unit of FEB UNS, introduced the UPM management team, ranging from field coordinators to the Quality Control Groups responsible for quality assurance across each Study Program. He emphasized that FEB UNS has consistently and sustainably implemented various academic activities to achieve its vision and mission, with the aim of attaining recognition as a reputable global university.

In this context, he highlighted benchmarking as a strategic activity to learn from the experiences of other universities in managing teaching and learning processes, thereby supporting FEB UNS in achieving broader national and international recognition. Prof. Budhi also conveyed his appreciation to Assoc. Prof. Shaharudin and the team from the School of Social Sciences, USM, for their willingness to share experiences and best practices. In the subsequent session, Assoc. Prof. Shaharudin presented a detailed explanation of the quality assurance system implemented at the School of Social Sciences, USM, followed by an interactive discussion with the participants.

Micro, Small, and Medium Enterprises (MSMEs) in the culinary sector in Kota Barat Solo face various challenges in this globalization and digitalization era. Observations conducted by the Financial Management Research Group (RG) at the Faculty of Economics and Business (FEB), Universitas Sebelas Maret (UNS), led by Dr. Setianingtyas Honggowati, M.M., Ak., along with its members Dr. Bambang Hadinugroho, S.E., M.Si., Dr. Endang Suhari, M.Si., Drs. Harmadi, MM., and Yohana Tamara, S.E., M.M., identified several issues faced by traders.

These issues include low motivation for business strategies among entrepreneurs; limited understanding of digital marketing, including e-commerce and social media, as well as digital financial recording; and a lack of awareness about established institutions, their responsibilities, and the benefits for business owners.

In response, the Financial Management RG conducted a community service activity entitled “Strengthening Culinary MSMEs in Kota Barat Solo to Increase Income through Assistance and Business Management,” on July 9, 2024.

Through the use of digital technology, to improve business management knowledge and skills, this community service seeks to increase the active participation of MSMEs in the culinary industry. Additionally, an assistance program is intended to guarantee income growth. The team provided lectures, consultations, discussions, and assistance on the importance of strengthening motivation and creativity in business. The hope is that MSME entrepreneurs will become truly aware and motivated to advance with a renewed spirit.

The team also offered training on technology development, including explanations and practical sessions on installing necessary applications for culinary MSMEs. Briefings on the roles, perks, obligations, and responsibilities of institutional administrators and members were provided to the traders to address their knowledge of and use of supporting institutions.

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in the economic growth of a country, particularly in Indonesia, where their contribution to the national economy is significant, especially in terms of job creation. Hence, the development of these enterprises are of the utmost importance. One of the keys to successful business development includes improving skills, managerial capabilities, and the willingness of MSMEs to maintain production and innovation according to market needs.

The biggest obstacle in achieving this development is often due to the lack of managerial skills among MSME owners in managing their businesses, leading to stagnation or even bankruptcy. This challenge is also faced by the leather craft MSMEs in Mojopurna Village, Magetan, located in RT 3, RW 4, Mojopuro Village, Ngariboyo District, Magetan Regency, East Java. This group consists of 5 (five) MSMEs that process leather into footwear and various souvenirs.

Each business owner employs between 5 (five) to 7 (seven) residents. The MSME owners are members of an extended family, coordinated by UD. Latansa. Established in the 1990s, these MSMEs faced a downturn in 2012 due to the owner’s lack of managerial skills in running the business, leading to errors in profit calculation and poor bookkeeping discipline, resulting in bankruptcy.

The lack of bookkeeping knowledge and skills led to miscalculations, making it impossible for the enterprise to repay bank loans, causing the business to fail and become inactive. To address these issues, the team from the Creative Economy RG, led by Prof. Dr. Hunik Sri Runing Sawitri, S.E., M.Si., along with Prof. Dr. Asri Laksmi Riani, MS., Suryandari Istiqomah, SE., MSc., Dr. Anastasia Riani Suprapti, M.Si., Dr. Intan Novela Qurrotul Aini, S.E., M.Si., and Dr. Mugi Harsono, SE., M.Si., conducted a community service program for this MSME group in late April 2024.

The main training provided aims to improve knowledge and skills in bookkeeping, along with hands-on practice in simple bookkeeping using the LAMIKRO application. Dr. Wahyu Widarjo, M.Si., delivered the materials, emphasizing the importance of bookkeeping in business processes in a simple approach that was well understood by the participants.

The practical training using the LAMIKRO application was conducted by Frank Aligarh, M.Sc., who provided examples of journal records related to the activities carried out by MSMEs, giving a clear picture of future bookkeeping activities. During the training, participants were also asked to install and practice bookkeeping activities on their mobile phones.

In addition to simple bookkeeping training, this community service also provided managerial training related to marketing, specifically focusing on improving product quality and its derivatives including digital marketing.