Luxury: Landscape of Business Administration

Analysis of the Impact of The India–Pakistan War on Abnormal Return and Trading Value Activity (TVA) of LQ45 Stocks

Yasti Sari — 2026-07-31

This study aims to analyze the impact of the war between India and Pakistan on abnormal return and trading value activity (TVA) of stocks listed in the LQ45 index on the Indonesia Stock Exchange (IDX). The research applies an event study methodology with a 7-day observation window (–3, 0, +3) around three major events: the Pahalgam attack on April 22, 2025, Pakistan’s retaliatory strike on India on May 7, 2025, and the claim of Pahalgam assailants’ killing on July 28, 2025. The sample consists of 45 LQ45 companies, and the analysis techniques include normality test, average abnormal return (AAR), cumulative average abnormal return (CAAR), and paired sample t-test. The results indicate that certain events generated significant abnormal returns on specific days; however, in general, there was no significant difference before and after the events for most stocks. Meanwhile, TVA analysis shows an increase in trading activity during the conflict, although the paired sample tests were not significant in most periods. These findings suggest that Indonesian investors tend to respond selectively to geopolitical conflicts, with reactions more reflected in trading volume fluctuations rather than stock price movements.

The Meaning of Work in the Hybrid Era through a Phenomenological Inquiry into the Existential Experiences of Gen Z Employees

Nyoto Nyoto — 2026-07-31

Hybrid working has changed the way employees experience and understand work, particularly among Generation Z employees who are highly familiar with digital technology. This study aims to explore the meaning of work and the existential experiences of Gen Z employees in the hybrid era. A qualitative research approach with a phenomenological design was employed. Data were collected through semi-structured in-depth interviews with Gen Z employees who have experience working in hybrid environments and were selected using purposive sampling. The interview data were analyzed using thematic analysis, supported by NVivo or ATLAS.ti. The findings reveal four main themes: flexibility and freedom, work-life boundaries, technology and work experience, and meaning and identity. Hybrid working provides greater flexibility, autonomy, and control over work, but continuous digital connectivity can create difficulties in separating work from personal life. The findings also reveal a central paradox between freedom and attachment, where employees experience greater independence while remaining connected to work beyond conventional working hours. The study concludes that work for Gen Z is not merely a source of income but is also connected to identity, relationships, independence, purpose, and personal meaning. This study contributes a human-centered perspective to understanding hybrid working by emphasizing the lived and existential experiences of employees.

From Waste to Assets through Value Creation Strategies in Goat Farming

Nicholas Renaldo — 2026-07-31

This study examines the transformation of livestock waste into economic and environmental value through innovation in goat farming. The study applies a qualitative case study approach using observation, interviews, and documentation of a Smart Composting System. The system utilizes leftover fermented corn-stalk and leaf silage, goat manure, horse manure, EM4, and brown sugar, supported by Internet of Things (IoT)-based monitoring of temperature, moisture, and NPK. The findings indicate that the innovation enables organic waste to be transformed into compost while generating operational data that can support more effective management decisions. The integration of environmental accounting further enables the identification of processing costs, potential economic value, and environmental benefits. The study demonstrates that waste management can be repositioned from a cost-oriented activity into a value creation strategy through the integration of resource recovery, digital technology, and environmental-economic measurement. The proposed approach provides a practical foundation for developing circular and sustainable business practices in goat farming.

Digital Transformation and Business Value Creation through Smart Patchouli Oil Distillation

Achmad Tavip Junaedi — 2026-07-31

Digital transformation is increasingly important for improving the competitiveness and sustainability of agro-industrial enterprises, particularly in essential oil production where conventional distillation remains constrained by energy consumption, process variability, limited monitoring, and inconsistent product quality. This study examines the potential of Aroma Smart Distiller as a digital transformation innovation for creating business value in patchouli oil production. The system integrates precision steam distillation, Internet of Things (IoT), edge computing, artificial intelligence (AI), adaptive process control, and solar hybrid energy into an integrated smart production platform. An applied research and experimental development approach is used to evaluate operational efficiency, energy consumption, productivity, product quality, and commercialization potential. The proposed system targets a patchouli oil yield of 2.8–3.2%, a 20–30% increase in productivity, and a 30–40% reduction in energy consumption compared with conventional distillation. The integration of real-time monitoring and AI-based optimization also provides production data that can support managerial decision-making, quality control, energy management, and continuous process improvement. From a business perspective, the technology creates value through cost efficiency, productivity enhancement, quality differentiation, sustainability, and access to premium and export markets. The commercialization model further indicates opportunities through equipment sales, intellectual property, licensing, and technology scale-up. The study concludes that smart distillation can function not only as a production technology but also as a strategic digital transformation mechanism for creating sustainable business value and strengthening the competitiveness of small and medium-sized enterprises in the essential oil industry.