Said Musnadi

This study aims to investigate the influence of family commissioner boards (FCBs) on the operational efficiency of companies in Indonesia that use debt as a control tool, which includes bank and non-bank debt. Using the two-step GMM-First Difference estimation method, the research sample consists of 121 family-owned companies using unbalanced panel data from 2009 to 2018. This investigation produces several significant findings. Firstly, the results of the analysis show that the presence of family representatives on the board of commissioners has a negative impact on overall company performance. These observations suggest that FCBs may prioritize the interests of family shareholders over minority shareholders, which indicates entrenchment behavior. Second, the analytical results reveal that debt plays a moderating role in the influence of FCB on company performance. Debt acts as a deterrent to entrenchment behavior, thereby improving firm performance. Third, the results of the analysis did not find significant differences in FCB entrenchment behavior between companies that have bank debt and companies that have non-bank debt. These findings have significant policy implications for regulatory bodies in Indonesia regarding the governance of family-owned companies. It is vital to establish a mechanism for appointing family members to the board of commissioners that protects the interests of all shareholders and promotes a fairer corporate landscape.

Environmental degradation can lead to climate change, air and water quality degradation, and biodiversity loss. The study aims to assess the impact of illegal oil extraction on environmental, social, economic, and public health dimensions in Peurelak, East Aceh, Indonesia. Using proportional random sampling techniques, 245 respondents were selected, representing owners and investors (9), tenant investors (18), workers/laborers (68), melters (6), public figures/community leaders (3), the community (138), and village government officials (3). Data were analyzed using structural equation modeling (SEM) with AMOS software. The results revealed a significant negative effect of illegal oil mining on social, environmental, and health performance (p-values = 0.031, 0.029, and 0.010, respectively, at a 95% confidence level). Additionally, informal leadership and government support were found to positively influence illegal oil mining (p-values = .017 and .035, respectively, below the significance threshold of .05). Furthermore, illegal oil mining significantly affects economic performance (p-value = .021). This paper emphasizes the adverse impacts of unauthorized oil extraction on community well-being while highlighting the collusive role of informal leaders and government authorities. Additionally, the study reveals a worrisome positive relationship between illegal oil mining and economic performance in Indonesia.

Type of the article: Research Article

Abstract
Herding behavior, in which investors follow overall market trends rather than conducting independent analysis, has significant implications for market efficiency, volatility, and liquidity conditions, particularly in emerging markets like Indonesia. This study aims to investigate the presence and dynamics of herding behavior in Indonesia’s LQ-45 index during three distinct periods: pre-pandemic (2019), pandemic (2020–2021), and post-pandemic (2023). The sample comprises 22 firms consistently listed on the LQ-45 index, with daily data collected from 2019 to 2023. A time-series regression based on the Cross-Sectional Absolute Deviation (CSAD) model measured herding intensity, while a Granger causality test assessed the relationship between herding behavior and market liquidity. The results indicate that herding behavior intensified significantly during the pandemic, evidenced by a strong negative γ₂ coefficient (–0.0124, p = 0.0026) and an adjusted R² of 0.1902, the highest across all periods. In contrast, the pre-pandemic period showed relatively weak herding behavior under more stable market conditions, while the post-pandemic phase demonstrated a return to more independent decision-making. The Granger causality test confirmed a bidirectional relationship between market liquidity and herding during the crisis, while such causality was absent after the pandemic. In the pre-pandemic period, herding influenced liquidity (p = 0.014), while no significant causal relationships were found afterward. Overall, herding behavior increased during the pandemic but returned to more independent decision-making in the post-pandemic phase.

Acknowledgments
The authors thank to Universitas Syiah Kuala for supporting this research. We also thank the reviewer for the thorough review of this manuscript and for the guidance on this research article. We sincerely appreciate the time and effort you have dedicated to providing valuable feedback.

Type of the article: Research Article

Abstract
Performance management in public policing institutions remains a critical issue, particularly in developing countries characterized by hierarchical bureaucracies and formalized career systems. While previous studies have examined human capital and organizational factors separately, limited research has integrated these dimensions within a mediated–moderated framework. This study investigates the effects of training and development, self-efficacy, and career adaptability on police performance, with career development as a mediator and perceived organizational support as a moderator.
A census survey was conducted among 325 police officers in Aceh, Indonesia, and the data were analyzed using partial least squares structural equation modeling (SmartPLS 4). The results show that training and development and self-efficacy significantly enhance both career development and police performance. Career development has a significant positive effect on performance and mediates the relationships between training and development, self-efficacy, and performance. In contrast, career adaptability does not significantly influence career development or performance, nor does it exert a significant indirect effect through career development. Furthermore, perceived organizational support negatively moderates the relationship between career development and performance, indicating that higher levels of support weaken the positive influence of career development on performance.
The findings suggest that police performance is strengthened through investments in human capital and psychological resources supported by structured career systems. However, career adaptability appears to play a limited role in highly formalized policing environments. The study contributes to public management literature by highlighting the context-dependent role of career adaptability and the conditional influence of organizational support on police performance.