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All Journal Journal of Information Systems and Informatics Jurnal Akuntansi dan Keuangan
Rexon Nainggolan
Universitas Advent Surya Nusantara
Computer Science & IT Economics, Econometrics & Finance

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Profil Risiko dan Imbal Hasil pada Perusahaan Pemerintah: Bukti Empiris dari Bursa Efek Indonesia Ringkot P. Nainggolan; Rexon Nainggolan
AKUA: Jurnal Akuntansi dan Keuangan Vol. 5 No. 3 (2026): Juli 2026
Publisher : Yayasan Pendidikan Penelitian Pengabdian Algero

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54259/akua.v5i3.7528

Abstract

This study investigates the effect of government ownership on the risk-return profile of firms listed on the Indonesia Stock Exchange (IDX). Using a comprehensive sample of 600 companies, this research employs the Capital Asset Pricing Model (CAPM) framework to examine financial performance from the perspectives of risk-adjusted return (Alpha), systematic risk (Beta), and total volatility (Standard Deviation). The sample is divided into two parts, namely government-owned companies (n=33) and non-government companies (n=567). Statistical analysis using the T-Test and Welch T-Test reveals three main findings. First, there is no significant difference in Alpha between the two groups, indicating that government ownership does not result in a systematic performance penalty or premium after risk adjustment. Second, government-related companies exhibit much higher Beta coefficients, indicating greater sensitivity to market movements than non-government companies. Third, although they have higher systematic risk, there is no significant difference in total volatility (Standard Deviation) between the two groups. This indicates a risk-sharing phenomenon where the increased market sensitivity of government companies is offset by lower idiosyncratic risk. These results indicate that on the IDX, ownership structure is a determinant of the risk borne by investors but plays a lesser role in determining risk-adjusted returns.
Reframing Technology Anxiety During Blended Learning Implementation: The Relationships among Perceived Safety, Social Influence, Satisfaction, and Behavioral Intention Harmonvikler Dumoharis Lumban Raja; Noryusliza Bin Abdullah; Deden Witarsyah; Rexon Nainggolan
Journal of Information System and Informatics Vol 8 No 4 (2026): August
Publisher : Asosiasi Doktor Sistem Informasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63158/journalisi.v8i4.1690

Abstract

This study examines the relationships among perceived safety, social influence, technology anxiety, user satisfaction, and behavioral intention in blended learning implementation, investigating whether technology anxiety can be interpreted as productive vigilance rather than merely a barrier to technology adoption. Based on the Transactional Theory of Stress and Coping, this research explores how institutional safeguards and social expectations influence technology anxiety among teachers in high-stakes educational settings. A quantitative cross-sectional approach was applied using purposive sampling involving 205 high school teachers in North Sumatra, Indonesia. Data were analyzed using PLS-SEM to assess the structural model and mediation effects. The results indicate that Perceived Safety (β=0.526, t=8.17, p<0.001) and Social Influence (β=0.232, t=3.60, p<0.001) positively influence Technology Anxiety, explaining 48.0% of its variance. Technology Anxiety positively affects User Satisfaction (β=0.774, t=17.40, p<0.001), which subsequently influences Behavioral Intention (β=0.503, t=4.92, p<0.001). The direct effect of Technology Anxiety on Behavioral Intention is insignificant (β=-0.167, t=1.63, p=0.104), while the indirect effect through User Satisfaction is significant (βindirect=0.389, p<0.001). These findings highlight that technology anxiety may represent heightened attentiveness associated with satisfaction rather than resistance, requiring further validation through longitudinal and experimental studies.
Co-Authors Deden Witarsyah Harmonvikler Dumoharis Lumban Raja Noryusliza Bin Abdullah Ringkot P. Nainggolan