Article Per Year (5 Year)
p-Index From 2021 - 2026
0.444
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This Author published in this journals
All Journal Jurnal Magister Ekonomi Syariah Jurnal Manajemen Dayasaing
Hendi Yudhanto Adinugroho
Universitas Cakrawala
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Robotic Advisors, Risk Tolerance, and Trust: Their Impact on Sharia-Compliant Investment Decisions in Fintech Applications (A Study of Generation Z Retail Investors in Jakarta) Hendi Yudhanto Adinugroho
Jurnal Magister Ekonomi Syariah Vol. 4 No. 2 Desember (2025): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2025.042-05

Abstract

The development of Financial Technology has transformed individual investment behavior, particularly through Robo Advisors, which leverage algorithms and Artificial Intelligence to provide automated, efficient, and risk profile aligned investment recommendations. This study examines the influence of Robo-Advisors, risk tolerance, and trust levels on Sharia mutual fund investment decisions among Generation Z investors in Jakarta. The data for this research were collected between June 2025 and July 2025. The research employs a descriptive quantitative approach with a sample of 105 Generation Z investors selected through purposive sampling. Data were collected using questionnaires and analyzed using multiple linear regression, including determination tests, F-tests, and T-tests. The results indicate that Robo-Advisors (β = 0.183), risk tolerance (β = 0.276), and trust (β = 0.492) have positive and significant effects on Sharia mutual fund investment decisions, with trust being the dominant factor. Together, these three variables explain 62.8% of the variation in investment decisions. The findings confirm that the integration of technological innovation, psychological characteristics, and trust perception constitutes the main determinants of Generation Z investment behavior, providing both academic contributions and practical implications for the development of digital investment platforms. Practically, platforms targeting Generation Z must prioritize building trust through enhanced data security and transparency, as well as providing personalized risk education tools, so that adoption increases and perceived investment risk decreases.
Comparative Financial Performance of Digital Banks Using CAMEL Model : Evidence from the Indonesia Digital Banking Industry Hendi Yudhanto Adinugroho; Dwi Winarno; Rian Sofiyan
Jurnal Manajemen Dayasaing Vol. 28 No. 1 (2026): Jurnal Manajemen Dayasaing
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/dayasaing.v28i1.16878

Abstract

This study aims to evaluate and compare the financial performance of leading digital banks in Indonesia PT Bank Jago Tbk, PT Bank Neo Commerce Tbk, and PT Allo Bank Indonesia Tbk during the period of 2021–2024. Amidst the rapid digital transformation and shifting consumer behavior in Indonesia's financial sector, assessing the stability and sustainability of technology driven institutions is essential. Using a descriptive-comparative quantitative approach, this research employs the CAMEL framework, focusing on key financial ratios: Capital Adequacy Ratio, Non Performing Loan, Operating Expenses to Operating Income, Return on Equity, and Loan to Deposit Ratio. Data analyzed using descriptive statistics and ANOVA to identify significant performance differences. The results indicate that while all three banks maintained capital adequacy well above regulatory requirements, significant variances exist in efficiency and profitability. Allo Bank demonstrated superior operational efficiency and the highest profitability, while Bank Neo Commerce faced initial profitability challenges before recovering in 2024. Bank Jago showed a stable transition from aggressive expansion to improved credit quality. Statistical tests confirm significant differences in financial health across the sampled banks. These findings provide valuable insights for regulators in monitoring digital banking stability and for management in optimizing risk based digital business models.
Co-Authors Dwi Winarno Rian Sofiyan