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"Tujuan Penelitian: Covid-19 (coronavirus) secara signifikan mempengaruhi komunitas dan industri usaha, termasuk juga industri mikro dan kecil. Berkaitan dengan hal tersebut, perlu dilakukan transformasi perilaku di dalam berwirausaha dari Lembaga Keuangan Mikro (LKM) untuk menghadapi persaingan yang ketat di tengah situasi kondisi pemulihan sosial-ekonomi karena perubahan yang dramatis. Oleh karena itu, pemimpin dan individu di LKM harus memiliki perilaku kewirausahaan transformasional untuk membawa pertumbuhan organisasi secara berkesinambunganOrisinalitas: Makalah ini termasuk salah satu tulisan yang pertama menyarankan bagaimana perilaku kewirausahaan transformasional diterapkan kepada Lembaga Keuangan Mikro (LKM) berbadan hukum koperasi untuk mendorong pertumbuhan sosial-ekonomi dan pengembangan lingkungan secara optimal seimbang kepada para debitur Usaha Mikro dan Kecil (UMK).Metode: Penelitian ini dilakukan secara kuantitatif dengan menyebarkan kuesioner kepada 223 Lembaga Keuangan Mikro berbadan hukum koperasi Swamitra di seluruh IndonesiaHasil: Ekosistem internal, yakni ketahanan organisasi, ambidexterity dan strategi keunggulan daya saing, memberikan pengaruh positif kepada perilaku kewirausahaan transformasional. Peranan ketahanan organisasi menjadi kurang menonjol di dalam memberikan pengaruh positif kepada perilaku kewirausahaan transformasional.Kontribusi: Strategi keunggulan daya saing dan ambidexterity lebih baik langsung menuju ke perilaku kewirausahaan transformasional daripada melalui ketahanan organisasi.Limitasi: Penelitian untuk LKM Swamitra dapat dilakukan dengan model longitudinal secara time-series sampai dalam periode tertentu selama pandemi dan setelah pandemi berakhir. Sementara itu, penelitian ini bersifat cross-sectional selama pandemi Covid-19 berlangsung dan mendekati akhir. Keterbatasan penelitian berikutnya adalah faktor R2 = 0,55 pada ketahanan organisasi / organisational resilience (OR) dan R2 = 0,626 untuk perilaku kewirausahaan transformasional (TEB), walaupun dilihat sudah memenuhi syarat. Oleh karena penelitian ini ke dalam kategori social-science, masih ada ruang untuk perbaikan, dan antecedent atau faktor penentu yang mempengaruhi ketahanan organisasi (OR) dan perilaku kewirausahaan transformasional (TEB) di luar penelitian ini.

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Research Objectives: Covid-19 (coronavirus) has significantly affected communities and the business industry, including micro and small industries. In this regard, it is necessary to transform behavior in entrepreneurship from Microfinance Institutions (LKM) to face intense competition in the midst of a situation of socio-economic recovery due to dramatic changes. Therefore, leaders and individuals in MFIs must have transformational entrepreneurship behavior to bring about sustainable organizational growth.

Originality: This paper is one of the first to suggest how transformational entrepreneurship behavior is applied to Micro Finance Institutions (MFIs) incorporated as cooperatives to encourage socio-economic growth and environmental development in an optimally balanced manner for Micro and Small Enterprises (UMK) debtors.

Methods: This research was conducted quantitatively by distributing questionnaires to 223 Microfinance Institutions incorporated as Swamitra cooperatives throughout Indonesia.

Results: Internal ecosystems, namely organizational resilience, ambidexterity and competitive advantage strategies, have a positive influence on transformational entrepreneurship behavior. The role of organizational resilience is becoming less prominent in providing a positive influence on transformational entrepreneurship behavior.

Contribution: Strategies of competitive advantage and ambidexterity are better directed towards transformational entrepreneurship behavior rather than through organizational resilience.

Limitations: Research for Swamitra's MFIs can be conducted using a time-series longitudinal model up to certain periods during the pandemic and after the pandemic ends. Meanwhile, this research is cross-sectional during the Covid-19 pandemic and is nearing its end. The next research limitation is the factor R2 = 0.55 for organizational resilience (OR) and R2 = 0.626 for transformational entrepreneurship behavior (TEB), even though it is seen as meeting the requirements. Because this research is in the social-science category, there is still room for improvement, and the antecedents or determinants that influence organizational resilience (OR) and transformational entrepreneurship behavior (TEB) are beyond this research."

"Dalam ekonomi yang semakin maju dengan kemungkinan investasi yang sangat beragam dan luas, karakteristik cryptocurrency sebagai investasi alternatif telah banyak dipelajari. Studi-studi tersebut sebagian besar mengenai pro-kontra dalam mengelola cryptocurrency ini. Pandemi Covid-19 telah menyediakan laboratorium alami untuk mempelajari sejauh mana konsistensi dan kekuatan cryptocurrency sebagai instrumen lindung nilai atau safe-haven dalam kondisi ekonomi yang ekstrem. Studi ini menyelidiki dampak krisis global pada peran safe-haven dari dua cryptocurrency paling signifikan berdasarkan kapitalisasi pasar mereka: Bitcoin dan Ethereum. Lebih lanjut, studi ini membandingkan transmisi volatilitas antara Bitcoin dan pasar saham di empat negara berkembang: Indonesia, Malaysia, Nigeria, dan Afrika Selatan. Hasil keseluruhan mendukung gagasan cryptocurrency sebagai investasi alternatif. Secara umum, spillover volatilitas berpasangan antara Bitcoin dan pasar saham di Indonesia, Malaysia, Nigeria, dan Afrika Selatan kembali ke setengah dari rata-rata dalam waktu sekitar 2-3 hari. Hasil riset ini memberikan rekomendasi pilihan investasi jangka pendek bagi investor di pasar Bitcoin. Riset ini pun mengajukan kerangka regulasi yang dapat diterapkan pada pasar cryptocurrency di Indonesia.

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In an increasingly advanced economy with very diverse and broad investment possibilities, cryptocurrencies' characteristics as alternative investments have been widely studied. The studies are predominantly around the pro-cons in managing these cryptocurrencies. The Covid-19 pandemic has provided a natural laboratory to study the extent of cryptocurrencies' consistency and strength as hedging or safe-haven instruments in extreme economic conditions. This study investigates the global crisis impact on the safe-haven role of two most significant cryptocurrencies based on their market capitalizations: Bitcoin and Ethereum. Furthermore, this study compares the volatility transmission between the Bitcoin and stock markets in four emerging countries: Indonesia, Malaysia, Nigeria, and South Africa. Overall results support the notion of cryptocurrencies as alternative investments. On average, the pairwise volatility spillover between Bitcoin and stock market in Indonesia, Malaysia, Nigeria, and South Africa reverted back to half of its mean in about 2-3 days. This result suggests on the choice of short-

term investment for investors in the Bitcoin market. This research also proposes a regulatory framework that can be applied to the cryptocurrency market in Indonesia."

"Dalam ekonomi yang semakin maju dengan kemungkinan investasi yang sangat beragam dan luas, karakteristik cryptocurrency sebagai investasi alternatif telah banyak dipelajari. Studi-studi tersebut sebagian besar mengenai pro-kontra dalam mengelola cryptocurrency ini. Pandemi Covid-19 telah menyediakan laboratorium alami untuk mempelajari sejauh mana konsistensi dan kekuatan cryptocurrency sebagai instrumen lindung nilai atau safe-haven dalam kondisi ekonomi yang ekstrim. Studi ini menyelidiki dampak krisis global pada peran safe-haven dari dua cryptocurrency paling signifikan berdasarkan kapitalisasi pasar mereka: Bitcoin dan Ethereum. Lebih lanjut, studi ini membandingkan transmisi volatilitas antara Bitcoin dan pasar saham di empat negara berkembang: Indonesia, Malaysia, Nigeria, dan Afrika Selatan. Hasil keseluruhan mendukung gagasan cryptocurrency sebagai investasi alternatif. Secara umum, spillover volatilitas berpasangan antara Bitcoin dan pasar saham di Indonesia, Malaysia, Nigeria, dan Afrika Selatan kembali ke setengah dari rata-rata dalam waktu sekitar 2-3 hari. Hasil riset ini memberikan rekomendasi pilihan investasi jangka pendek bagi investor di pasar Bitcoin. Riset ini pun mengajukan kerangka regulasi yang dapat diterapkan pada pasar cryptocurrency di Indonesia.

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In an increasingly advanced economy with very diverse and broad investment possibilities, cryptocurrencies' characteristics as alternative investments have been widely studied. The studies are predominantly around the pro-cons in managing these cryptocurrencies. The Covid- 19 pandemic has provided a natural laboratory to study the extent of cryptocurrencies' consistency and strength as hedging or safe-haven instruments in extreme economic conditions. This study investigates the global crisis impact on the safe-haven role of two most significant cryptocurrencies based on their market capitalizations: Bitcoin and Ethereum. Furthermore, this study compares the volatility transmission between the Bitcoin and stock markets in four emerging countries: Indonesia, Malaysia, Nigeria, and South Africa. Overall results support the notion of cryptocurrencies as alternative investments. On average, the pairwise volatility spillover between Bitcoin and stock market in Indonesia, Malaysia, Nigeria, and South Africa reverted back to half of its mean in about 2-3 days. This result suggests on the choice of short-term investment for investors in the Bitcoin market. This research also proposes a regulatory framework that can be applied to the cryptocurrency market in Indonesia."