Impact of Fama and French Six Factor Model on Indonesian Healthcare Stock Returns

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The Fama and French Six Factor Model (FF6FM) is an extension of the Fama and French Five Factor Model (FF5FM). The purpose of this study was to examine the Fama and French Six Factor Model’s ability to explain the excess returns of healthcare sector companies listed on the Indonesia Stock Exchange (BEI). The Fama and French Six Factor Model consists of six factors: Market Excess Return (MKT), Size Factor (SMB), Book to Market Ratio (HML), Profitability (RMW), Investment (CMA), and Momentum (UMD). This study employed a purposive sampling method to get a sample of 18 healthcare sector companies listed on the Indonesia Stock Exchange (BEI) during the Covid-19 epidemic, specifically from March 2020 to June 2023. The data is derived from secondary sources and is of a quantitative nature. This study uses a panel data regression analysis model as its primary analytical technique. The findings indicate that Momentum (UMD), Market Excess Return (MKT), Size Factor (SMB), and Investment (CMA) have a statistically significant positive impact on excess returns. Among these variables, Momentum (UMD) has the most influence on excess returns. However, it has been observed that the Book to Market Ratio (HML) and Profitability (RMW) do not exhibit a positive and statistically significant impact on excess returns. Nevertheless, according to the adjusted r-square results, the Fama and French six factor models demonstrate a lower capacity to elucidate the additional returns observed in healthcare sector stocks during the period spanning from March 2020 to June 2023.

Cultural Determinants of Integrated Coastal Fisheries Management Achieving the Blue Economy of the Bononaro Coastal Community of Timor-Leste

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Long-term economic development of Timor-Leste can be guaranteed its sustainability by relying on productive sectors, namely fisheries resource management, since the last two decades after independence it has only relied on non-renewable oil and natural gas and is predicted to run out in the next two or three decades. Therefore, economic development based on the blue economy is absolutely necessary. According to data from the last 10 years, 68,413 households or 33% of all households in Timor-Leste involved in some form of fisheries activity. Of these fisheries households, 58,473 (85%) are involved in aquaculture, 3,823 households (6%) are involved in fishing alone, and 6,117 households (9%). Now as a member of PEMSEA, Timor-Leste has adopted the 2012 Changwon Declaration and compromised to optimize the implementation of SDS-SEA. Therefore, the country adopted the SDS-SEA Implementation Plan for the region as a timely and important next step in to achieve a marine-based blue economy. This study aims to 1). Find out how Cultural Factors in Integrated Management of Fisheries Sub-sector in Bobonaro Municipality, 2). Find out how Integrated Management of Fisheries Sub-sector affects the livelihoods of coastal communities in Bobonaro Municipality can be an important pillar in the transition of Timor-Leste’s blue economy development, 3). Find out how local cultural wisdom (Tara-Bandu) as part of the multifunctional system of Fisheries Sub-sector development in Bobonaro. The research method used in this study is a descriptive quantitative analysis of Contribution and participation in Tara-bandu traditional and cultural ceremonies. The results of this study are expected to find the right method to support the development of the blue economy in Timor-Leste, in an effective and efficient way to create a prosperous and healthy coastal community.

Presence of Salmonella enterica subsp. arizonae in bushmeat from the Mulundu department of the Ogooué–Lolo province, Gabon

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In Africa, most investigations on Salmonella spp. have focused on isolates from humans, poultry, and domestic animals, whereas studies on wild terrestrial mammals remain limited. Consequently, the occurrence of Salmonella spp., particularly Salmonella enterica subsp. arizonae, in African wildlife is underreported. In Gabon, there is little to no information on the presence of antimicrobial-resistant S. enterica subsp. arizonae in bushmeat. This study aimed to isolate and characterise antibiotic resistance in S. enterica subsp. arizonae recovered from wildlife in Mulundu department, Lastoursville, Gabon. A total of 147 bushmeat samples representing 20 animal species were collected. After bacterial culture and identification, 23 samples (15.65%) from eight species were positive for S. enterica subsp. arizonae. The distribution of isolates was as follows: Peters’ duiker (34.78%), blue duiker (26.09%), African wood owl (13.04%), moustached monkey (8.69%), pangolin (4.35%), genet (4.35%), crocodile (4.35%), and African brush-tailed porcupine (4.35%). Resistance profiles revealed the presence of multidrug-resistant strains. One isolate from a moustached monkey showed resistance to three antibiotic families, namely sulfonamides (sulfonamide), fluoroquinolones (ofloxacin), and β-lactams (cefoxitin, ampicillin). Another isolate from a Peters’ duiker exhibited resistance to six antibiotics: cefotaxime, cefepime, sulfonamide, ertapenem, cefoxitin, and ampicillin. Additionally, isolates from Peters’ duiker (n=3), blue duiker (n=2), wood owl (n=1), genet (n=1), and pangolin (n=1) were resistant to ertapenem, cefoxitin, and ampicillin. These findings demonstrate the circulation of S. enterica subsp. arizonae in wildlife consumed as bushmeat in Gabon. This represents a potential source of antimicrobial-resistant pathogens for human populations relying on game meat.

The Dynamics of Fuel Growth in Indonesia: Coexistence Between Refinery Feedstock and Imported Crude Oil

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This study examines the dynamic interplay between international crude oil prices, import dependency, and refinery input in shaping Indonesia’s national fuel oil consumption. Amid growing concerns over energy security, the research investigates how fluctuations in global oil markets and domestic refining capacity impact the country’s ability to meet energy demand sustainably. Drawing upon secondary data from authoritative sources, a multiple linear regression model was employed to quantify the relationship among the key variables: crude oil price (X₁), crude oil imports (X₂), and refinery input (X₃), with fuel consumption (Y) as the dependent variable. The findings indicate that both crude oil price and import volume positively and significantly affect fuel consumption, while refinery input shows a negative but statistically insignificant effect. The model explains approximately 65.3% of the variation in fuel consumption (R² = 0.653), suggesting a moderately strong explanatory power. Classical assumption tests revealed that the residuals are normally distributed (Shapiro-Wilk p = 0.417), although multicollinearity (VIF X₁, X₂ > 5) and autocorrelation (Durbin-Watson = 1.023) were detected, alongside heteroscedasticity in residual patterns. These insights underline the importance of managing oil import policies and refining strategies to stabilize domestic fuel supply. Moreover, the study supports the broader transition toward sustainable energy, especially through city gas development, as aligned with national and institutional research roadmaps. The study offers valuable implications for policymakers in designing resilient and adaptive energy strategies in the face of global market volatility.

An Adaptive Approach to Recurrent Pseudomonas Cellulitis and Bacteremia in Patients with Comorbid Complexities

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Pseudomonas aeruginosa has become increasingly difficult to manage due to its acquired antibiotic resistance and patient specific complications. The objective of this case study was to help guide management of resistant Pseudomonas in patients with complex comorbidities such as chronic kidney disease, recurrent cellulitis, venous insufficiency and more. Initial measures for treatment included Ciprofloxacin, Doxycycline, Levofloxacin and Vancomycin, but the patient either responded poorly with recurrent infections or did not respond at all to the treatment regiments. The patient felt relief and held the longest period of resolution when the treatment regimen included Daptomycin and Meropenem.

Behavioural Intention to use Mobile Money Services in the Gambia: A case study of wave

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This Study investigates the behavioural intention to use mobile money services in the Gambia: Case study of Wave. A Qualitative explanatory approach was employed, with data collected through distribution to 120 respondents. The SmartPLS 4’s Partial Least Squares–Structural Equation Modeling (PLS-SEM) was used for the analysis.. The study is based on the Technology Acceptance Model (TAM), which was first presented by Davis and colleagues in 1989.It is a theoretical framework that builds upon the Theory of Reasoned Action (TRA). TRA suggests that an individual‟s response or perception of something can influence their behaviour. The findings indicate that perceived usefulness, perceived ease of use, and perceived trust have a significant influence on intention to use mobile money services. These results suggest that to enhance user adoption and satisfaction, Wave Mobile Money should maintain its simple app design and onboarding process, focusing on user-centred design to reduce effort and improve usability.

Study of incentive strategies for Entrepreneurship: the case of the Autonomous Region of Madeira (Portugal)

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The aim of this study is to examine strategies to promote entrepreneurship, seeking to understand how individual characteristics influence the decision to undertake and whether fair access to opportunities is being guaranteed. The chosen methodological approach is quantitative in nature, using primary data collection through an online survey. The relevance of this research lies in the possibility of offering a diagnosis of the actions already implemented, as well as identifying new strategies to stimulate entrepreneurship. In general, it is understood that the Autonomous Region of Madeira (R.A.M.) has made a positive contribution to encouraging entrepreneurial activity, helping to reduce inequalities. This can be seen through initiatives such as support networks with mentors and entrepreneurs, and the creation of incubators, which have had a beneficial impact on the local ecosystem. However, there are still some challenges to overcome. Regarding management and entrepreneurship training programs, there was no positive relationship, which may be due to their current wide scope. The non-validation of the hypotheses relating to level of education and initial economic status suggests a reduction in these disparities because of greater access to training, information and funding. Factors such as creativity, motivation and willingness to take risks proved to be influential and should be considered. About age and gender, it is advisable to implement more targeted policies. The conclusions obtained have relevant implications for public policies in the R.A.M., pointing to the importance of strengthening support networks, facilitating access to existing measures, as well as improving and developing more effective and inclusive programs, adapted to the profile of local entrepreneurs.

Motivations and Barriers to Internationalization and the Impact of Exports on Business Performance in the Portuguese Food Sector

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This study examines the impact of exports on the performance of Portuguese food sector firms, considering the mediating role of export intensity between internationalization motivations, barriers and business performance. Data were collected from 312 surveys and complemented with secondary data from Informa D&B. Exploratory factor analysis and multiple linear regression were employed.Proactive and market-driven motivations, as well as capacity-based motivations, drive internationalization. However, only capacity-based motivations are positively associated with firm performance. Market and political risks act as barriers to internationalization, exerting negative effects. Extra-EU exports contribute positively to performance, while intra-EU exports have a negative effect. The econometric model estimates that a 1% increase in export intensity is associated with a 7.2% increase in ROA (p < 0.05). Firms should strengthen internal capabilities and target extra-EU markets. This study identifies specific drivers and barriers to internationalization in the Portuguese food sector, highlighting intra vs extra EU export effects.

The Effect of Suggestive Cues in Influencing Human Perception

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Suggestion is the medium through information of a perspective is shared. The act suggestion, conveyed through verbal, visual, or sensory cues, alters an individual’s behaviour or actions, defined as social influence. This research focuses on how social influence and suggestive cues shape human perception and investigates how suggestive verbal input influence perception of visual anomalies in images. Participants were divided in two groups and were shown images and questioned, with one of the groups receiving a verbal suggestive cue. The results suggest that suggestive cues influenced perception in certain participants; however, patterns across gender and age could not be conclusively established, likely due to the limited sample size. Psychological reactance was also observed, with several participants resisting the cues or forming interpretations contrary to the suggestion. Locus of control (LOC)—the belief regarding the extent to which outcomes are determined by one’s own actions versus external forces—has been linked to individual differences in suggestibility. These preliminary findings suggest that suggestion can influence visual perception, but individual differences and task context may change this effect. The research findings contribute to understanding of how humans process suggestion and highlight the complexity of perception as shaped by social influence.

The Influence of Competence and Organizational Culture on Employee Performance with Self-Efficacy as an Intervening Variable A Study at the Human Resources and Health Division of PT Kereta Api Indonesia (Persero) DAOP 6 Yogyakarta

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This study aims to analyze the influence of competence and organizational culture on employee performance, with self-efficacy as an intervening variable among employees of the Human Resources and Health Division at PT Kereta Api Indonesia (Persero) DAOP 6 Yogyakarta. A quantitative approach was employed, using a census sampling method involving 60 employees as respondents. Data were collected through a questionnaire and analyzed using Structural Equation Modeling (SEM) with the Partial Least Square (PLS) method via SmartPLS 4.0. The results show that both competence and organizational culture have a direct positive influence on employee performance. Furthermore, self-efficacy plays a significant mediating role in the relationship between competence and employee performance, as well as between organizational culture and employee performance. These findings highlight the importance of enhancing employee self-efficacy, especially in critical divisions, to maximize their contribution to organizational goals. This research contributes theoretically by addressing the research gap on the mediating role of self-efficacy, and practically by providing insights for HR development strategies in state-owned enterprises.