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All Journal ISTIKHLAF: Jurnal Ekonomi, Perbankan & Manajemen Syariah Proceeding International Conference on Digital Education and Social Science
Karnadi
Universitas PGRI Argopuro Jember
Religion Computer Science & IT Economics, Econometrics & Finance Education Engineering Library & Information Science Social Sciences

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Determinan Valuasi Obligasi Negara Ritel Syariah Di Indonesia: Perspektif Makroekonomi Dan Risiko Investasi Lailul Ilham; Bayu Wijayantini; Achmad Hasan Hafidzi; Karnadi
ISTIKHLAF: Jurnal Ekonomi, Perbankan dan Manajemen Syariah Vol. 8 No. 1 (2026): (Maret 2026)
Publisher : Institut Agama Islam Yasni Bungo Jambi, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51311/istikhlaf.v8i1.1475

Abstract

This study focuses on analyzing the determinants of Indonesian Retail Government Bond (ORI) valuation from the perspectives of macroeconomic conditions and investment risk during the 2014–2024 period. The study examines the effects of inflation, the USD/IDR exchange rate, coupon rates, and sovereign ratings on ORI prices in the secondary market. A quantitative approach with a causal research design was employed, using temporal data collected from Bank Indonesia, the Central Statistics Agency (BPS), and the Directorate General of Financing and Risk Management (DJPPR), the Indonesia Stock Exchange, and international rating agencies. Data processing was carried out using multiple linear regression analysis and Spearman’s rank correlation test, supported by statistical software SPSS.. The findings show that coupon rates significantly affect ORI prices, indicating that investors place greater emphasis on fixed-return characteristics in retail bond valuation. In contrast, inflation, the USD/IDR exchange rate, and sovereign ratings do not show significant effects on ORI prices during the observation period. Simultaneously, the independent variables explain 91.3% of the variation in ORI prices, suggesting a strong explanatory capacity of the proposed model. This study highlights that internal bond characteristics are more dominant in influencing ORI valuation than external macroeconomic factors. The findings contribute to the applied finance literature by providing empirical evidence on retail bond valuation dynamics in emerging markets, particularly within the context of Indonesia’s sovereign retail bond market.
The Influence of Cognitive, Affective, and Psychomotor Assessment Based on SPSS and SmartPLS Software on the Effectiveness of Learning Outcomes Evaluation Management at Senior High Schools in Jember Regency Amin Silalahi; Basuki Hadiprayogo; Karnadi; Balthasar Watunglawar; Nugroho Edi Santoso
Proceeding International Conference on Digital Education and Social Science Vol. 3 No. 1 (2025): Proceeding International Conference on Digital Education and Social Science 202
Publisher : Asosiasi Pengelola Publikasi Ilmiah (APPI) PT PGRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55506/icdess.v3i1.172

Abstract

This study investigates the effects of cognitive, affective, and psychomotor domains on the effectiveness of learning outcome assessment management at senior high schools in Jember Regency, Indonesia. Utilizing a quantitative survey approach, data were collected from 100 teachers through validated questionnaires. Analysis employed SPSS and SmartPLS software, revealing a model with an R² of 0.999, indicating excellent explanatory power. Results demonstrated that affective (beta = 0.573) and psychomotor (beta = 0.424) domains significantly positively influence assessment management effectiveness, while cognitive (β = 0.003) shows no significant effect. These findings highlight the prominent roles of emotional and practical skills in assessment management. The integration of SPSS and SmartPLS enhances analytical precision, supporting data-driven decision-making. This research contributes to the development of technology-based assessment models, emphasizing the importance of managing affective and psychomotor domains to improve educational quality.
Co-Authors Achmad Hasan Hafidzi Amin Silalahi Balthasar Watunglawar Basuki Hadiprayogo Bayu Wijayantini, Bayu Lailul Ilham Nugroho Edi Santoso