Purpose: This study examines the market’s reaction to information content during earnings announcements from the viewpoint of changes in the book-to-market ratio. Research methodology: This study used a quantitative approach and an event study methodology as the primary measurement. It applies a market model based on Indonesia’s equity market daily stock returns to analyze the cumulative average abnormal returns in firms with upward/downward book-to-market value changes. Results: The findings reveal that stock prices in Indonesia's stock equity grew significantly above the firms' book values, indicating that investors pay more attention to expected future returns than the accounting value. This study also reveals that changes in book value may cause more significant changes in market value, following the direction of information content. The study found that the market is more sensitive to bad news than to good news and noted a significant relationship between book-to-market and post-earnings announcement abnormal returns. Limitations: This  study did not cover the long-term impact of the long-horizon test. A long-horizon test may provide evidence of market efficiency from the long-term perspective. Accordingly, this study suggests an issue for future research.   Contribution:  This study contributes to the literature by suggesting that testing market efficiency from the view of changes in book-to-market provides robust grounds to explain the market reaction to good or bad news information content. Novelty: Our findings show that Rp. One adjustment in book value in the Indonesian stock market corresponds to an average value of Rp. 16.43 adjustment in market value. This result implies that book value changes can lead to more significant changes in the market value.

Purpose: In response to the unprecedented challenges posed by the global pandemic, this study rigorously examines the strategic interplay between innovation and adaptation as catalysts for business resilience. Method: The research investigates the influence of two independent variables – innovation in business and adaptive strategies – on the dependent variable of business resilience, establishing a robust conceptual framework based on a thorough literature review. Employing a mixed-methods approach, incorporating case studies, surveys, and interviews, the study meticulously explores the multifaceted dimensions of business responses during the pandemic. Results: A detailed analysis of innovation encompasses technological, process, and product innovations, while simultaneously scrutinizing adaptive strategies such as flexible business models, employee empowerment, and customer-centric approaches. The research reveals that businesses embracing process and technological innovation alongside radical shifts in their business models achieved higher levels of resilience. Qualitative narratives assess the performance metrics and success stories of these resilient businesses. The examination extends to the post-pandemic landscape, evaluating the sustainability of innovation and adaptation in a stable environment. Emphasis is placed on the enduring relevance of these strategies and their integration into organizational culture, thereby shaping long-term business resilience. Limitations: The study identifies and addresses challenges and barriers hindering innovation and adaptation, including economic constraints, technological barriers, and organizational resistance.   Contribution:  This study offers a nuanced and insightful exploration of the intricate dynamics between innovation, adaptation, and business resilience during and after the pandemic. The findings not only contribute to the academic discourse but also provide actionable insights for businesses seeking to fortify their resilience amidst ongoing global uncertainties.