Oyyappan Duraipandi

The Indonesian stock market is a growing financial industry that plays a strategic role in the growth of the country’s economy. Its development is affected by various factors. This study examined the impact of the exchange rate, gross domestic product (GDP), interest rates, inflation, foreign portfolio investment (FPI), and domestic political stability on stock market capitalization. Quarterly data between 2000:Q1 and 2020:Q4 are used. The autoregressive distributed lag (ARDL) method is applied to identify long-run relationships between variables. To understand how fast the system reaches equilibrium after a shock, the model also examines short-run relationships using an error correction model (ECM). The findings show that the impact of exchange rate, interest rate, and inflation on stock market capitalization is negative in the long run. While the GDP, FPI, and political stability are positive. Increment in the US Dollar against the Indonesian Rupiah, interest rate, and inflation by 1% respectively, caused stock market capitalization to fall by 1.31%, 0.06%, and 0.04%. A rise in GDP, FPI, and political stability by 1% respectively, increases the stock market’s value by 1.17%, 1.08%, and 1.28%. In the short run, the coefficient of ECM indicates the speed of adjustment of the system: the occurrence of the shock to reach long-run equilibrium is quick enough, at 63.8% each quarter. The study recommends governments evaluate the impact of these factors when formulating monetary policies, promote economic growth, and continuously implement good governance, thus supporting stock market development.

Type of the article: Research Article

Abstract
The organization’s trade union greatly increases worker productivity by fostering a healthy work environment, resolving employee complaints, and encouraging employee involvement. To ascertain how union practices (collective bargaining, democratic principles, and job security) affect worker performance in Nepal’s cement manufacturing sector, this study investigates their impact on employee productivity. A causal and descriptive research strategy was employed. Survey participants were the employees working in the selected cement manufacturing companies of Nepal. The primary cross-sectional data were collected from October 2024 to February 2025. The paper used purposive sampling techniques; a total of 476 structured questionnaires were distributed, and 247 were retrieved. This paper also employed descriptive statistics and correlation and regression analyses. Similarly, Cronbach’s alpha was used to determine the internal consistency. The study’s findings indicated a substantial positive and significant impact of collective bargaining on employee performance (β = 0.691, t = 18.08). A robust, positive, and statistically significant impact of democratic principles on employee performance was identified (β = 0.60, t = 16.76). The results indicated a robust positive and statistically significant impact of job security on employee performance (β = 0.85, t = 18.54).