The coronavirus pandemic has spread all over the world, affecting both the health and economic sectors. The aim of this research was to observe stock prices of customer goods before and after the COVID-19 pandemic using event study and the comparison test. The sample included data of daily closing stock prices and volume of stock trade during the three months before (−90 days) and after (+90 days) the occurrence of the COVID-19 pandemic ongoing, totaling 2670 observation data both before and after the COVID-19 pandemic, for a total of 5340. The research findings indicate a significant difference between the daily closing stock price and volume of stock trade before and after the COVID-19 pandemic. The current research has both theoretical and practical implications: the findings strengthen the efficient market hypothesis, which states that the more complete the provided information, the more efficient the market. The practical implication is that investors should be careful when choosing to invest. Investors should choose customer goods sector companies that provide products that are much needed by customers, for example, pharmacy, food, beverages, etc. Future research is needed to investigate the long-term impact of the pandemic on the economy.

The aim of this research paper is to depict the level of satisfaction and importance of Full expressions Micro, Small & Medium Enterprises’ (MSMEs)’ human resources (HR) and the tourism sector community in East Java. The research was conducted on all aspects of HR in tourism sector MSMEs, among foreign and domestic tourists in East Java. The research is a quantitative and descriptive one. Primary data are used. The population of the research is HR in tourism sector MSMEs as well as domestic and foreign tourists. The sampling technique used is purposive sampling. Ten cities of high tourism potential were chosen. Determination of the sample size used the minimum criteria of a structural model that is between 100 and 200 units. In total, 200 tourism sector MSMEs were determined from ten tourism cities in East Java. From every tourism sector MSMEs, four employees and three tourists were taken. As a result, the entire research consisted of 800 employees and 600 foreign and domestic tourists. Importance performance analysis (IPA) was utilized as an analysis tool in this paper. The result indicated that each tourism resort, being a sample, has different findings. Batu City demonstrates a lack of transglobal leadership (TL). Malang, Kediri, and Blitar City demonstrate organizational citizenship behavior (OCB). Malang City lacks employment engagement (EE). Meanwhile, Pasuruan City and Blitar Regency are about human resources performance (HRP). For Pasuruan Regency, the variable of quality of work life (QWL) should be improved. For Sidoarjo Regency, sustainable tourism competitiveness (STC) should be paid attention. For Kediri City, the main variable that needs to be enriched is responsible marketing (RM). Overall, for the East Java region, the main variable that needs to be improved is RM. The findings obtained constitute a practical contribution for main tourism stakeholders to formulate relevant policies to cope with problems.

This study examines the role of financial capital in mediating the relationship between accounting capability and Micro-, Small- and Medium-Sized Enterprises' (MSME) financial performance. Using Yamane formula, the samples are 407 MSMEs in Central Java Province. Data was collected from questionnaires that distributed to and filled by owners of the sample MSME. WarpPLS was used to analyased the research data. This study found that accounting capability and financial capital have a positive influence on financial performance. Financial capital mediates the relationship between accounting capability and financial performance. Thus, this study confirms the importance of accounting capability to increase financial capital and financial performace of MSME.