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The purpose of this study was to evaluate the in vitro and in vivo effects of three varieties of Indonesian fermented rice bran (RB) (Inpari 6, Inpari 30 and Inpara 1).

Three types of RB were fermented using Rhizopus oligosporus. The total phenolic content (TPC) was determined using the Folin–Ciocalteau method, and antioxidant activity was analyzed by measuring the 2,2-diphenyl-1-picrylhydrazyl free radical scavenging activity (RSA). For in vivo analyses, one week after acclimatization, stroke-prone spontaneously hypertensive rats (n = 4, 12 weeks of age) were divided into two groups and orally administered fermented RB (40 mg/kg body weight) or distilled water as a control after 16 h of fasting. Blood pressure (BP) was measured before and 2, 4 and 6 h after administration with a BP monitor without warming. Six days later, the rats were subject to the same procedure and sacrificed after 6 h of oral administration. Blood was collected and the plasma was separated to measure nitric oxide, glucose and insulin levels.

The highest TPC and RSA of fermented RB were obtained from Inpari 30 after incubation for 72 h (260.33 ± 0.39 mg GAE/100 g dry basis and 83.71 ± 0.61 per cent), respectively. Furthermore, single oral administration of fermented RB improved BP (p < 0.05) and glucose metabolism after 6 h of administration (p < 0.05).

This is the first study to evaluate the effects of fermented RB on improving high BP and glucose profiles by using a spontaneously hypertensive animal model.

The purpose of this study is to investigate the nature and integration of Islamic stock markets across the Association of Southeast Asian Nations (ASEAN-5) countries for economic community (AEC) development.

Using samples of daily closing prices from 2009 to 2014 across ASEAN-5 countries, co-integration and Granger-causality tests were applied.

This research finds that Islamic capital markets across ASEAN-5 countries remain highly integrated despite the global financial crisis of 2008, and it also finds the integration strength between Jakarta Islamic Index -Indonesia and Bursa Malaysia Emas Sharia-Malaysia Islamic capital markets to be the most influential across ASEAN-5 countries, while MSCI-Philippine Islamic capital market is the most vulnerable across ASEAN-5 Islamic capital markets.

The overwhelming benefit of Islamic stock market integration across ASEAN-5 countries, and, even in a broader context, awaits further inquiry.

Islamic capital markets across ASEAN-5 countries are integrated regardless of the post-global financial crisis. This contributes to confirming cross-border integration policies, especially for AEC development.

The purpose of this paper is to investigate the default characteristics of Sukuk issues by corporate firms in Malaysia using value-at-risk (VaR) techniques over a period of 16 years from 2000 to 2015 and across nine economic sectors.

The paper employs non-parametric and Monte Carlo simulations to estimate Sukuk defaults.

The authors analyses revealed that the VaR predictions were fairly consistent with the ratings provided by credit rating agencies, despite the limited tradability of Sukuk in the secondary market. The study was able to demonstrate that Sukuk is not riskier than conventional bonds in the Malaysian context.

The research findings suggested that VaR values will depend on the fundamental value of a firm based on the considerations of market, credit and operational risk. It does not rely on the type of debt instrument, whether a Sukuk or conventional bonds.

The use of Sukuk along with conventional bonds as debt instruments creates opportunities for investors and bond issuers globally.

Although Sukuk has generated much interest among financial market players, studies are lacking on how to predict Sukuk defaults and whether Sukuk has the same risk profile compared to conventional bonds.

This paper aims to compare and analyse the aspects of Shariah screening methodologies within the selected Gulf Cooperation Council (GCC) countries as well as comparing the methodologies with the USA, and to examine how Shariah screening methodologies affect financing and investing activities of a firm.

Shariah screening methodologies within the selected GCC countries and between the GCC countries and the USA are compared on the basis of the data collected from secondary sources.

Design, qualification and Shariah governance set the Shariah screening methodologies within the GCC countries apart. Feasibility, duration, economic viability and funds required differentiate these Shariah screening methodologies between the GCC countries and the USA. Shariah screening methodologies implied in the USA is more stringent than in the GCC countries.

The suggestions in this study include using a longer research timeline, examining many more number of countries’ Shariah screening methodologies and exploring other types of Shariah screening methodologies.

The possibility of generalising the implementation of strict and uniform Shariah screening methodologies across all the country-specific Shariah indices amongst Muslim nations, globally, is likely to benefit all the Muslim countries, by strengthening the understanding, interaction and economic co-operation amongst these countries.

People’s needs can be tended to if Maqasid Al-Shariah (objectives of Shariah) is achieved through flexibility, dynamism and creativity within the social policy.

Aspects of Shariah screening methodologies are compared and contrasted within the selected GCC countries as well as between the GCC countries and the United States and the role of Shariah screening methodologies is examined in order to determine the extent of what is Shariah-Compliant and what is Non-Shariah Compliant for a firm.

This study was aimed to develop and evaluate nutritional efficacy and bio-efficacy of food products from plantain, soycake, rice-bran and oat-bran flour.

The flour samples were blended as follows: plantain 70% and soycake 30% (PS); plantain 65%, soycake 30% and rice bran 5% (PSR); plantain 65%, soycake 30% and oat bran 5% (PSO); and plantain 60%, soycake 30%, rice bran 5% and oat bran 5% (PSRO). Antioxidant and nutritional properties of the blended foods and controls (100% plantain and Cerolina) were determined.

Protein (16.2–19.4 g/100g) and biological values (98.5–99.3%) of the food samples were significantly (p = 0.03) higher than 100% plantain (5 g/100g, 31.6%) and Cerolina (17.9 g/100g, 98.3%). Pack cell volume (36.2–42%), serum protein (7.3–9.3 mg/dL), urea/creatinine (1.1–2.8) and aspartate-aminotransferase/alanine-aminotransferase ratio (0.9–1) of the foods were significantly (p = 0.03, 0.01, 0.02 and <0.01, respectively) higher than 100% plantain (28%, 1.6 mg/dL, 4.6 and 0.8) and Cerolina (46%, 4.9 mg/dL, 3 and 0.73). In vivo antioxidant activity of the food samples decreased from PSRO to PSO, PSR and PS, respectively and were higher than control samples. Nutritional performance of formulated foods in rats was similar to that of Cerolina, but higher than in 100% plantain. Cerolina and 100% plantain were rated higher in overall acceptability than formulated foods; however, PSO was most preferred followed by PSRO for the formulated foods.

The study established that PSRO was rated best in terms of nutrition, growth performance and antioxidant activities. Hence, this food may be suitable as functional food to prevent malnutrition and oxidative stress.

The purpose of this study is to describe the development of market based accounting research (MBAR) published in Indonesia for 10 years. This study attempts to explain the topics of MBAR, research method used, the variables, between-variable relationship formed, and the units analysis used in MBAR. This research uses qualitative-descriptive method to create descriptive models of MBAR articles published in accounting journals that have been accredited with minimum grade of B. The analysis of 109 MBAR articles of five accounting journals shows that 10 MBAR themes are still potential. Among three methods in MBAR, the multivariate association study is dominant. Some papers use intervening and moderating model to explore the relationship between accounting data and capital market reaction. The results for each theme are described in a research map that shows the relationship between variables (constructs) of MBAR from three units of analysis. This paper finds some implications to MBAR research agenda in the future, especially for meta-analysis research and triangulation research, due to many inconsistencies of the MBAR findings in Indonesia. In addition, accounting standard research topic is still promising in the moment of accounting standards transition.

Discussions about digital tourism continue to increase among scholars as Information Communication and Technology (ICT) infrastructure develops. Dynamic changes due to technological aspects have given rise to various developments in the tourism industry. Therefore, this study aims to evaluate the scientific structure of the development of digital tourism topics through a bibliometric analysis approach. In total, 102 publications from research on digital tourism were taken from Scopus database between 2001 and 2021, for further bibliometric analysis using the VOSviewer application. Interesting findings describe the most cited digital tourism publications, the contribution of digital tourism by various authors, institutions, countries, co-citation analysis, bibliographic coupling, and co-occurrence for the main trends of digital tourism. This study compiles a detailed review of digital tourism research. This article adds substantial value to the digital tourism topic by analyzing bibliometric data. It provided scientific information regarding digital tourism for other researchers and future research.

The rising incidence of non-communicable diseases and sugar-sweetened beverages (SSB) consumption in Indonesia is a concern to the central government. However, the excise tax policy proposal for SSBs, introduced by the Minister of Finance in a 2020 meeting with the Parliament, remains unapproved until 2023. This study analyzes the process and factors influencing stakeholders in managing the implementation of the excise tax policy on SSBs in Indonesia.

This research is based on Kingdon’s Multiple Streams Theory (MST), focusing on the problem, policy and politics streams. It employs a qualitative design and combines a literature review and in-depth interviews in data collection. Interviews were conducted with policymakers, civil servants, senior representatives from nongovernmental health and consumer organizations, trade associations and academics in nutrition, health and taxation.

We identified that policy entrepreneurs have not succeeded in aligning the policy with the ideology of decision-makers and broader government goals. Therefore, the Parliament has not ratified the SSB excise tax policy until 2023. The effectiveness of interventions is expected to be the primary driver of policy adoption. Despite the complexity of this policy process, we conclude that implementing some reinforcing strategies may be necessary to facilitate policy change. In the Indonesian context, other actors who proactively manage potential criticism from multiple stakeholders are needed. The power of the Coordinating Ministry for Economic Affairs is expected to navigate political complexities and interests among stakeholders. Support for adopting the SSB excise tax policy will likely rise when framing policy alternatives aligns with decision-makers values, involves coordination between ministries, and has a broad public appeal.

Despite the constitutional mandate to regulate levies through legislation, there is no research on policy processes in Indonesia, specifically regarding levies and taxes. Examining the Indonesian institutional context in which a policy process takes place may improve the understanding of the many components of MST under unique conditions, providing insights into the specific factors that drive policy change in certain cases.

This study examines the impact of corporate social responsibility (CSR) on innovation, considering the role of the three dimensions of intellectual capital (human capital, structural capital and relational capital). Specifically, the analysis explores the direct effect of CSR and intellectual capital on innovation, the effect of CSR on intellectual capital, and the mediating effect of intellectual capital on the relationship between CSR and innovation.

Data were collected from a sample of 101 Tunisian firms operating in various industries. The conceptual model of direct and indirect effects was tested with partial least squares structural equation modelling (PLS-SEM) using SmartPLS 4 software.

CSR is positively related to innovation, as well as all dimensions of intellectual capital. Structural capital is the only dimension of intellectual capital that has a significant effect on innovation. CSR affects innovation through its impact on structural capital.

Most studies have examined the direct effect of CSR on innovation in firms in developed countries. In contrast, this research sheds light on the mediating role of intellectual capital in this relationship, underlining the specific role of human capital, relational capital and structural capital. In addition, the study focuses on a developing country, which thus differentiates it from previous studies.