ABSTRACT
This study investigates the financial and governance effects of the 2021 merger that formed Bank Syariah Indonesia (BSI), applying the Risk Profile, Good Corporate Governance, Earnings, and Capital (RGEC) framework across two distinct periods: pre-merger (Q1 2019–Q4 2020) and post-merger (Q1 2021–Q4 2022). Using quarterly data from eight paired observations per indicator, the analysis combines descriptive statistics, Shapiro–Wilk normality tests, and Wilcoxon Signed-Rank tests to evaluate changes in Non-Performing Financing (NPF), Financing-to-Deposit Ratio (FDR), Good Corporate Governance (GCG), Return on Assets (ROA), Return on Equity (ROE), Operating Efficiency (BOPO), Net Operating Margin (NOM), and Capital Adequacy Ratio (CAR). The results reveal statistically significant improvements in asset quality, profitability, and operational efficiency (NPF, ROA, ROE, BOPO, NOM), a borderline decline in liquidity risk (FDR), and stable capital adequacy (CAR). GCG composites also improved descriptively. These findings demonstrate that the merger produced real operational and financial synergies while preserving prudential buffers. The study extends the resource-based and synergy theories to Islamic banking and offers practical insights for regulators, managers, and investors on how consolidation can strengthen systemic stability and bank performance in emerging markets.

ABSTRACT
The main objective of corporate organizations is to maximize shareholders' wealth. As such, making the right capital structure decisions is essential for financial stability and long-term growth. This study examines how equity financing influences the financial performance of listed manufacturing companies in Nigeria, using Return on Capital Employed (ROCE) and Market Value (MV) as performance indicators. The study is limited to selected manufacturing firms listed on the Nigerian Stock Exchange and covers a 15-year period from 2007 to 2021. This timeframe was chosen due to the financial crises that impacted the Nigerian economy during this period, compelling many firms to reassess their financing strategies. The analysis employs dynamic panel regression, cross-sectional dependence tests, and panel cointegration methods. Key variables include Share Premium, Revenue Reserves, Firm Size, and Firm Age. The findings reveal that ROCE is significantly influenced by its previous values (lagged ROCE coefficient = 0.927, p < 0.001), while Share Premium and Revenue Reserves show no significant impact. Interestingly, Firm Age has a negative effect on ROCE (-0.078, p < 0.01), indicating that older firms may become less efficient in using capital. On the other hand, both lagged MV (0.847, p < 0.001) and Share Premium (0.365, p < 0.001) positively influence market value. Additionally, Firm Age shows a small but significant positive effect on MV (0.024, p < 0.001), suggesting that older firms, despite declining efficiency, can still increase their market valuation. The study concludes that equity financing especially through increased Share Premium can enhance market value. It recommends that manufacturing firms focus on boosting share premium while also finding ways to manage capital efficiency challenges associated with firm aging.

ABSTRACT
This study analyzes the role of commitment, competence, and Organizational Citizenship Behavior (OCB) in the Indonesian Air Force Base Logistics Service. This study uses a qualitative approach with a frequency description method based on SPSS. The research sample consisted of 100 respondents who were active logistics service personnel. The results of the analysis show that commitment, competence, and OCB. The dimension of commitment interacts with and strengthens the dedication of members of the Logistics Service of the Abdul Rahman Saleh Malang Air Force Base. Affective commitment is the basis for emotional involvement, continuous commitment affirms rational considerations, while normative commitment strengthens the moral and ideological dimensions. The synergy of these three aspects is crucial for maintaining sustainability, efficiency, and logistics readiness in a military environment. The competence of Abdul Rahman Saleh Malang Air Force Logistics Service members is an important foundation in supporting the success of military operations and logistics management. OCB forms a framework of excellent behavior that is highly relevant to the characteristics of the Abdul Rahman Saleh Malang Air Force Logistics Service. OCB behavior strengthens team cohesion and productivity, creating a professional, adaptive, and combat-ready military work culture. Logistics performance at the Abdul Rahman Saleh Malang Air Force Logistics Service can be comprehensively measured through five key indicators that reflect delivery reliability, strategic collaboration, budget efficiency, and knowledge integration. This research's contributions consist of theoretical and practical implications, as well as implications for further research, based on the model and discussion in the research on commitment and logistics competence through OCB at the Abdul Rahman Saleh Malang Air Force Logistics Service.

ABSTRACT
This study examined the complex relationship between hydropolitics and strategic security in post-conflict South Sudan, emphasizing the critical role of water resource management within the Nile Basin. Given South Sudan’s recent independence after decades of civil war, the research explored how water scarcity, infrastructural deficiencies, and regional geopolitical tensions influenced internal stability and regional diplomacy. Employing a pragmatic research philosophy, the study adopted a mixed-methods design, integrating qualitative stakeholder interviews, policy analysis, and quantitative data to provide a comprehensive understanding of water governance challenges. The data collection followed a concurrent embedded approach, allowing for the simultaneous gathering and analysis of multiple data sources, which enhanced the validity of the findings through triangulation. The target population comprised approximately 200 stakeholders, including government officials, community representatives, technical experts, NGOs, and international actors, selected through purposive and snowball sampling techniques to ensure diverse and relevant representation across geographic and institutional lines. Quantitative data encompassed infrastructure conditions, governance indicators, and conflict metrics, which were analyzed using descriptive statistics, regression models, and principal component analysis to explore relationships between water infrastructure, policy frameworks, and security outcomes. Qualitative data from semi-structured interviews, focus group discussions, and document reviews underwent thematic content analysis, capturing stakeholder perceptions, institutional narratives, and social dynamics. This mixed-methods approach facilitated a nuanced understanding of how governance deficiencies, ethnic identities, and regional geopolitics contributed to water-related conflicts.

ABSTRACT
This study investigates the impact of risk management on the institutional development and growth of Non-Governmental Organizations (NGOs) in four East African countries between 2015 and 2021. The Background of the Study traces the evolution of civil society, emphasizing NGOs' transformation from informal entities to pivotal actors in development and humanitarian efforts, driven by historical milestones like the UN establishment and normative frameworks such as the Universal Declaration of Human Rights. The sector’s expansion, particularly in East Africa, has been shaped by regional integration, donor influence, and the need to professionalize operations amid political, social, and economic complexities. However, many NGOs face vulnerabilities due to inadequate risk management in the face of external shocks like political instability and environmental disasters, hampering their resilience and long-term sustainability. Existing literature largely offers global perspectives, underscoring the need for context-specific research. The Objective is to assess how risk management influences organizational resilience and growth, with the Research Hypothesis proposing a significant positive impact. The Theoretical Frameworks draw on Growth-Based Theory, emphasizing internal resources and strategic flexibility, and Foundations of Development and Risk, highlighting systemic vulnerabilities and adaptive capacities. Empirical evidence was collected through a mixed-methods approach rooted in Creswell and Creswell’s (2018) and Kumar’s (2019) principles. The quantitative component involved a structured survey distributed to approximately 476 NGO personnel such as managers and financial officers from 28 organizations selected via stratified random sampling based on country, size, and sector. The qualitative aspect comprised semi-structured interviews with key informants, complemented by document analysis of organizational reports and strategic plans. Data collection adhered to rigorou

ABSTRACT
This study examined the complex issues surrounding civilian disarmament in South Sudan, with a focus on reducing small arms proliferation and promoting sustainable peace and development. The study's methodology was grounded in several theoretical frameworks, including the Security Dilemma Theory and Social Identity Theory. The Security Dilemma Theory posited that the accumulation of military capabilities, including small arms, by one group could create a sense of insecurity among other groups, leading to an arms race and increased tensions. The Social Identity Theory posited that individuals derived a sense of identity and belonging from their membership in social groups, which could lead to in-group favouritism and out-group bias. The research employed a mixed-methods approach, combining quantitative and qualitative phases to gather data from 350 community members and conduct in-depth case studies of three communities. The study found that despite large-scale disarmament efforts, success rates remained low, with an estimated 1.9 million small arms in circulation, contributing to increased violence and insecurity, particularly in rural areas. The research highlighted the critical role of traditional leaders and community structures in promoting peace and development in South Sudan. Community-led disarmament initiatives, supported by the international community, were effective in reducing small arms proliferation and promoting security. However, the study noted that disarmament efforts had to be tailored to address the specific security concerns and needs of different ethnic groups, and that traditional leaders and community structures had to be involved in the disarmament process. The intersection of security and ethnicity was a critical factor in understanding the dynamics of small arms proliferation in South Sudan. The study found that ethnicity played a significant role in shaping security perceptions and behaviours, with different ethnic groups having different

ABSTRACT
This research explores the intricate relationships among employee competence, motivation, spiritual intelligence, work enthusiasm, and overall performance within the context of a recreational sector organization. Employing a quantitative, explanatory research design within a positivist paradigm, the study aims to empirically test how these key organizational variables interact, with particular focus on the mediating role of work enthusiasm as a psychological mechanism that translates individual resources into tangible performance outcomes. Drawing conceptual insights from established theories including Vroom’s Expectancy Theory, Maslow’s Hierarchy of Needs, and the evolving construct of spiritual intelligence, the investigation examines both direct and indirect effects among variables. Data collected from employees of PT Taman Rekreasi Sengkaling (Recreational Park) UMM reveal that while technical competence is the most significant predictor of performance, intrinsic motivation and spiritual intelligence influence performance predominantly through their impact on work enthusiasm. The findings underscore that fostering employee vigor, dedication, and absorption is vital to converting personal and organizational resources into sustained performance enhancements. Practical implications suggest that organizations should invest in comprehensive skills development, promote values-based leadership, and implement strategies that cultivate intrinsic motivation and purpose-driven engagement. By integrating spiritual intelligence and work enthusiasm as critical mediators, this study advances existing organizational behavior models, emphasizing holistic approaches for optimizing employee performance in hybrid and service-oriented environments. The insights herein contribute to a better understanding of how psychological factors motivate organizational success in contemporary workplaces.