Which Financial Signals Drive Stock Returns the Most? Evidence from Indonesia’s Miscellaneous Industry Sector 2022–2024

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This study examines the effects of profitability, liquidity, company size, price-to-book value, and leverage on stock returns of companies in the Miscellaneous Industry Sector listed on the Indonesia Stock Exchange during the 2022–2024 period, grounded in signalling theory. The study employed a quantitative approach using purposive sampling, selecting 40 companies with a total of 120 observations across three years. Data were analysed using multiple linear regression, preceded by classical assumption testing including normality, multicollinearity, heteroscedasticity, and autocorrelation tests.

The results show that all independent variables simultaneously exert a significant effect on stock returns (F = 12.267; p < 0.001), with the model explaining 32.1% of the variation in stock returns. Partially, profitability measured by Return on Assets has a positive and significant effect on stock returns, while price-to-book value emerges as the most dominant predictor with a standardised coefficient of 0.605 and a p-value below 0.001. In contrast, liquidity measured by the current ratio, company size measured by total assets, and leverage measured by the debt-to-equity ratio show no significant effect on stock returns.

These findings suggest that investors in this sector respond more strongly to signals of profitability and market valuation than to liquidity, asset scale, or debt structure. This study contributes to the literature on financial signal-based investment decision-making in developing country capital markets and reinforces the practical relevance of signalling theory in emerging market contexts. Company management should prioritise improving profitability and managing stock market value to attract investor interest and sustain stock return growth.

Misrated Meanings: A Multimodal Semiotic Critique of Age Classification in Streaming Animation

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The globally increase of streaming media has changed not only the circulation of animation but also the structures through which this media content is categorized and controlled. This research critically studies the semiotic boundaries of age classification contexts practical to animated content on platforms like Netflix, arguing that existing age rating is rely unreasonably on superficial-level elements while ignoring the multimodal complexity of making meaning. Based on a qualitative multimodal content analysis of selected animation, K-pop-inspired demon-hunter narratives, this research examines how visual signs, sound design, narrative, and affective intensity interact to produce meanings that exceed their given ‘child-friendly’ category. This research shows that animation has bright color palettes, musical performance, and stylized character design is often considered as suitable for younger children without considering the presence of semiotically dense elements such as demonic symbolism, identity fragmentation, and emotionally intense transformation sequences. The results recommend that existing rating systems inadequately account for the affective and symbolic dimensions of media, particularly in hybrid forms that combine entertainment aesthetics with complex thematic content.

Conceptualization of Markov Processes in Cyber-Physical Systems: Modelling, Prediction, and Control

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Cyber-Physical Systems (CPS) bring together physical processes with computing, communication, and control. They often operate in environments full of uncertainty, noise, and constant change, which makes traditional deterministic models struggle to capture how these systems really behave. This work introduces a more flexible framework based on Markov processes that helps model, predict, and control CPS in a more realistic way. By viewing system behaviour as probabilistic transitions between states, it becomes easier to analyze uncertainty and understand how the system evolves over time. The study looks at discrete-time Markov chains and expands the discussion to Hidden Markov Models (HMMs) and Markov Decision Processes (MDPs), allowing both visible and hidden aspects of system dynamics to be represented. It outlines a well-defined process for defining states, calculating transition probabilities, and making forecasts. The paper explores, in addition to that, the use of control techniques based on the use of probability theory and shows that these methods have a greater level of robustness compared to traditional control techniques. An example is given to show how this model improves performance and flexibility. All in all, Markov modelling is a good starting point for dealing with the challenges in CPSs, paving the way for integration with other tools.

Germanium Processing from Primary and Secondary Resources: Occurrence, Extraction Technologies, and Circular Economy Perspectives

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Germanium is a critical technology metal used in fiber optics, infrared optics, photovoltaics, semiconductors, and emerging energy systems. Despite its strategic importance, primary germanium resources are limited, and global production remains heavily dependent on by-product recovery from zinc processing, coal fly ash, and copper-related residues. This review critically examines the occurrence, mineralogy, and distribution of germanium in both primary and secondary resources, emphasizing the growing importance of urban mining and industrial waste valorization. Current recovery technologies are analyzed, including pyrometallurgical, hydrometallurgical, chlorination, volatilization, solvent extraction, ion exchange, and biohydrometallurgical routes. Particular attention is given to the efficiency of selective separation, impurity behavior, energy demand, environmental constraints, process integration, and scale-up limitations. The review highlights that germanium dissolution is often less challenging than downstream purification and selective recovery from chemically complex, highly dilute process streams. Major technological barriers include ultra-low Ge concentrations, impurity-rich matrices, solvent degradation, reagent consumption, and the limited industrial maturity of several emerging recovery technologies. Recent advances in secondary recovery from electronic waste, coal-derived residues, and metallurgical by-products are critically evaluated within the broader context of circular economy strategies and integrated multi-metal recovery systems. The analysis indicates that future germanium supply will depend less on primary mining expansion and more on the ability to selectively recover Ge from complex secondary resources through integrated, economically robust processing systems.

Exploring the Role of Gender in Sustainable Consumption: A Moderated Mediation Model of Sustainable Marketing in the UK FMCG Industry

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This study investigates the influence of sustainable marketing activities on brand image, customer involvement, and sustainable purchase intention within the Fast-Moving Consumer Goods (FMCG) sector in England, while examining gender as a moderating variable. Grounded in Signaling Theory and the Theory of Planned Behaviour, the research adopts a positivist philosophical stance and a quantitative, deductive approach. Data were collected through a structured online survey administered to 273 FMCG consumers in England, ensuring balanced representation of male and female respondents. Structural Equation Modelling (SEM) using AMOS, along with regression analysis, was employed to test the proposed moderated-mediation model.

The findings reveal that sustainable marketing activities significantly enhance brand image, which in turn strengthens customer involvement and ultimately increases sustainable purchase intention. Brand image and customer involvement were found to act as sequential mediators in the relationship between sustainable marketing activities and sustainable purchase intention, confirming a partial serial mediation effect. The results also indicate that sustainable marketing has both direct and indirect effects on sustainable purchase intention, highlighting its significant role in shaping consumer behaviour in the FMCG sector.

However, the moderating effect of gender was found to be statistically insignificant. Although minor differences in path strengths were observed between male and female consumers, these differences did not significantly alter the overall relationships in the model. This suggests that sustainable marketing strategies are broadly effective across genders in the English FMCG context.

The study contributes to existing literature by providing empirical evidence on the integrated role of sustainability-driven marketing in shaping consumer behaviour and clarifying the limited moderating role of gender. It offers practical implications for FMCG companies, emphasising the importance of strengthening sustainable brand image and fostering consumer involvement to drive sustainable purchasing behaviour.

Ethics as Method: Repositioning Visual Communication Design in the Era of Manipulative Interfaces

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The rapid expansion of digital interfaces has positioned visual communication design as a central force in shaping user behavior through increasingly sophisticated forms of visual persuasion. Contemporary interfaces did not merely present information but actively structure choices through visual hierarchy, interaction flows, and algorithmic mediation, raising critical ethical concerns. The existing body of research remained fragmented, with inconsistent conceptualizations of persuasive versus manipulative design, limited empirical validation across platforms, and insufficient attention to cultural contexts. This study aimed to critically synthesize the literature on ethical issues in digital communication design, with a particular focus on dark patterns, user autonomy, and trust, while advancing a design-oriented perspective grounded in visual communication. Employing a narrative literature review (NLR) approach, the study systematically analyzed 47 selected articles from an initial corpus of 849 publications, using iterative search strategies, citation chaining, and thematic analysis to identify patterns, tensions, and gaps. The findings revealed five dominant themes: the proliferation of dark patterns as systemic manipulative strategies; the emergence of ethical design principles centered on transparency and user control; the limitations of current regulatory frameworks; the central role of trust as a key outcome; and the marginalization of cultural perspectives. Despite conceptual advances, the field remained methodologically fragmented and lacks integration between design practice, ethics, and regulation. This study contributed by proposing the Ethical Visual Communication Framework, which integrated visual interface design, persuasion mechanisms, user cognition, ethical principles, and regulatory context into a unified model. The framework repositioned visual communication design as a critical locus of ethical intervention, offering both theoretical advancement and practical guidance for developing more responsible, human-centered digital environments.

Exploring Expressive Illocutionary Acts in YouTube Comments on Olivia Rodrigo’s Music Video

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This research examines expressive illocutionary acts found in the comment section of Olivia Rodrigo’s “Drivers License” music video on YouTube. It aims to identify the types and functions of expressive acts using Searle and Vanderveken’s (1985) classification and Leech’s (1983) framework. A descriptive qualitative method was employed, with data consisting of 60 selected comments obtained through purposive sampling. The data were analyzed through coding, categorization, and interpretation.

The findings reveal six types of expressive illocutionary acts: thanking, congratulating, praising, sorrowing, blaming, and boasting. In terms of function, three categories were identified: convivial, collaborative, and conflictive. Convivial functions were dominant, indicating that users tend to express positive emotions and maintain social interaction in digital communication.

Self-Efficacy, Engagement, and Academic Achievement of Learners in Science in an Alternative Delivery Modality

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This paper explored senior high school learners’ level of self-efficacy and level of engagement in science when classes were transitioned to alternative delivery modality due to impending natural phenomenon. Acknowledging the critical importance of science education as a lever with which to develop scientific literate, empowered citizens, the study probed how learners’ confidence and engagement in science learning were impacted by distance and hybrid learning contexts. The study used a descriptive-comparative-correlational research design and data were collected from senior high school learners from a public secondary school situated in an urbanized city in the central Philippines. Learners exhibited high self-efficacy in science under the alternative delivery modality, with males reporting slightly higher confidence than females, though socioeconomic status showed no effect. Engagement was consistently strong across sexes but varied by socioeconomic groups, indicating financial background influenced participation. Academic achievement ranged from satisfactory to very satisfactory, with females outperforming males and most socioeconomic groups achieving higher ratings except the poor group. Statistical analysis revealed sex significantly influenced self-efficacy, while socioeconomic status affected engagement. A moderately strong positive correlation was found between self-efficacy and engagement, underscoring the role of confidence in fostering participation. However, neither self-efficacy nor engagement significantly predicted academic achievement, suggesting other factors drive performance outcomes. These results emphasize the necessity of developing engaging and user-friendly instructional resources such as interactive micro-learning modules that would help increase students’ self-efficacy and science engagement, particularly in a setting where class transitions occur.

Comparison and Evaluation of Physicochemical and Organic Indicators of Pollution in Selected Creeks of Mumbai Western Coastal Region

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The current investigation studies the physiochemical parameters and level of organic contamination of water samples obtained from four main creeks of Western Coastal region of Mumbai – Malad creek, Vasai creek, Mahim creek, and Manori creek. The analysis was carried out for such parameters as hardness, salinity, acidity, Chemical Oxygen Demand (COD), and Biological Oxygen Demand (BOD). Based on the analysis results, significant differences were found regarding the location of the sampled water bodies. Vasai creek displayed the maximum salinity level (15940 ppm) and hardness because of strong tidal influence and high content of dissolved ions in water. Mahim creek indicated the highest acidity (229.68 ppm) due to severe human interference into the environment of this creek. All analyzed creeks demonstrated the high COD level that ranged between 512 and 864 mg/l. This means that high level of organic pollution was observed at these water bodies. Strong connection between COD and BOD confirms the high amount of biodegradable organic pollutants.

Risk Assessment of Toxicologically Relevant Metals (TRMs) in Urban Surface Soils and Columba livia Feathers

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Metals of toxicological interest (MTI: cadmium [Cd], chromium [Cr], mercury [Hg], and lead [Pb]) are priority contaminants in urban environments due to their persistence, bioavailability, and potential toxicity to ecosystems and human health. In this study, their presence in urban surface soils was determined using quantitative analytical chemistry techniques, and ecological risk (Er), non-carcinogenic risk (HQ), and carcinogenic risk (CRi) were assessed. Additionally, ecotoxicological risk (RQ) was estimated using Columba livia feathers as a biomonitor.

The results confirmed the presence of all four MTI in the analyzed soils, with low ecological and non-carcinogenic risk values. However, a relevant individual carcinogenic risk associated with Cd was identified, particularly in the child population. In Columba livia feathers, Cd and Hg showed high bioaccumulation, with very high RQ values (>400), indicating cumulative exposure in urban biota.

Overall, these findings suggest that, although soil concentrations do not exceed regulatory thresholds, bioaccumulation processes may increase the risk in living organisms, highlighting the importance of incorporating biomonitors into environmental assessments of urban systems.