Purpose: This study aims to examine the effect of Quick Ratio (QR), Debt to Equity Ratio (DER), and Return on Equity (ROE) on stock returns of banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The research evaluates how liquidity, leverage, and profitability indicators influence investor responses and stock performance in the banking sector. Methodology/approach: This quantitative study uses secondary data from 29 banking companies meeting purposive sampling criteria, producing 145 observations. Multiple linear regression with the Ordinary Least Squares (OLS) method was applied after conducting classical assumption tests. The dependent variable is stock return, while QR, DER, and ROE serve as independent variables. Results/findings: Findings show that the Quick Ratio has no significant partial effect on stock returns. The Debt to Equity Ratio exhibits a negative but marginally insignificant effect. Return on Equity is the only variable with a positive and significant effect on stock returns. Simultaneously, QR, DER, and ROE significantly influence stock returns, with ROE being the dominant predictor. The Adjusted R² value indicates that 18.3% of stock return variation is explained by the model. Conclusion: Profitability, reflected through ROE, is the primary determinant of banking stock returns, while liquidity and leverage show limited explanatory power. Investors prioritize profitability over liquidity and capital structure in assessing banking performance. Limitations: This study uses only three financial ratios, excludes macroeconomic and firm-specific control variables, and focuses solely on the banking sector during one period. Contribution: The research strengthens empirical evidence on profitability’s role in influencing stock returns and provides guidance for investors and banking management regarding financial indicators that shape market valuation.

Purpose: This study aims to analyze the implementation of Bali Provincial Regulation No. 5 of 2020 concerning the Standards for the Implementation of Balinese Cultural Tourism in Cemagi Tourism Village, Badung Regency, and to identify key challenges that hinder its effective execution. Methodology/approach: The research employs a qualitative case study approach involving in-depth interviews, observations, document analysis, and purposive sampling of stakeholders, including tourism village managers, local guides, educators, and community members. Data were analyzed through condensation, display, and conclusion-drawing techniques to obtain a comprehensive understanding of policy implementation. Results/findings: The findings indicate that although the regulation has been partially implemented, several critical issues persist. Cultural-based accommodation facilities do not fully comply with the standards mandated by the regulation. Coordination among implementing agencies remains weak, and communication between government and local communities is inconsistent. Additional challenges include land-use conversion, insufficient public facilities such as parking areas, and limited human resource capacity, particularly the lack of trained and registered local tour guides. Conclusion: The implementation of the regulation in Cemagi Village has not yet met expectations, primarily due to gaps in cultural accommodation management, inadequate coordination, and resource limitations. Strengthening institutional collaboration, enhancing human resource quality, and improving village infrastructure are essential to achieving the regulation’s objectives. Limitations: This study focuses solely on Cemagi Tourism Village and does not generalize to all tourism villages in Bali. Findings are based on qualitative data and may not capture broader regional variations. Contribution: The study provides empirical insights into policy implementation challenges in cultural-based tourism villages and offers recommendations to support more sustainable and culturally aligned tourism governance in Bali.

Purpose: This study aims to analyze the role, significance, and future prospects of digital marketing in higher education institutions, with a particular focus on student behavior, emerging digital technologies, and the national context of Uzbekistan. Research Methodology: This research employs inductive and deductive approaches using secondary data from international reports (Statista, DataReportal, OECD), national statistics from Uzbekistan, and comparative analysis of higher education digital marketing practices. The methods include comparative analysis, statistical analysis, trend analysis, and case studies of selected universities. Results: The findings reveal that 70% of higher education institutions increased their digital marketing budgets in 2024. Video content influences 84% of students’ university choices, while 75% of prospective students rely on social media for information. In Uzbekistan, internet penetration reached 83.3%, and higher education coverage increased to 43%, indicating strong potential for digital marketing expansion. However, many universities still depend on traditional marketing methods and lack structured SEO and CRM strategies. Conclusions: Digital marketing has become a strategic instrument for enhancing student recruitment, institutional competitiveness, and global visibility. Artificial intelligence, video marketing, personalized communication, and virtual campus tours will dominate future digital marketing practices in higher education. Limitations: This study relies on secondary data and descriptive analysis without primary survey or experimental validation, limiting causal statistical inference. Contribution: This study contributes to the limited literature on digital marketing in higher education in Uzbekistan and provides practical strategic insights for universities and policymakers in developing digital-based recruitment systems.