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All Journal Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Journal of Economic, Bussines and Accounting (COSTING) Primanomics : Jurnal Ekonomi & Bisnis Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Jurnal Ilmiah Akuntansi dan Finansial Indonesia JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi Jurnal Ilmiah Akuntansi dan Bisnis Akurasi : Jurnal Studi Akuntansi dan Keuangan Jurnal Bina Akuntansi Jurnal Bisnis dan Kewirausahaan (Journal of Business and Entrepreneurship) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Indonesian Journal of Society Engagement (IJSE) Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi (JEBMA) PEDAGOGI: Jurnal Ilmiah Pendidikan Jurnal Abdi Mandala Jurnal Ilmu Manajemen & Ekonomika Jurnal Manajemen, Akuntansi, Ekonomi Jurnal Dinamika Akuntansi dan Bisnis (JDAB) Media Ilmiah Akuntansi Paradoks : Jurnal Ilmu Ekonomi INQUISITIVE: International Journal of Eonomic Kajian Akuntansi Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Jurnal Akuntansi Atestasi : Jurnal Ilmiah Akuntansi
Randy Kuswanto
Accounting Program, Wiyatamandala School Of Business, Indonesia
Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mathematics Social Sciences Other

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The Rise of Tech Corporation In Indonesia: Are Tech IPOs Priced Differently? Kuswanto, Randy
Jurnal Ilmiah Akuntansi & Bisnis Vol 9 No 2 (2024)
Publisher : Universitas Pendidikan Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38043/jiab.v9i2.5972

Abstract

This research investigates whether technology IPOs in Indonesia are priced differently compared to non-technology IPOs, focusing on their post-IPO returns at various time points (T+1, T+7, T+30, T+90, and T+180). The study utilizes a sample of 325 IPO firms, including 33 technology firms, that went public between 2017 and 2023. Using the Mann-Whitney U test, the research analyzes differences in stock returns between technology and non-technology sectors. The results indicate no statistically significant differences in returns at any of the observed time points, challenging the common assumption that technology IPOs are subject to higher underpricing due to higher uncertainty and growth potential. The findings suggest that market conditions, information transparency, and governance mechanisms may have mitigated sector-specific pricing differences. This research contributes to the literature on IPO pricing by providing evidence from an emerging market context and offers valuable insights for investors and policymakers regarding the dynamics of IPO pricing in Indonesia.
Tax Avoidance and Dividend Policy: Evidence from Indonesian State-Owned Enterprises Kuswanto, Randy
Jurnal Dinamika Akuntansi dan Bisnis Vol 10, No 2 (2023): September 2023
Publisher : Accounting Departement Economics and Business Faculty Syiah Kuala University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jdab.v10i2.30037

Abstract

This study aimed to investigate the relationship between tax avoidance and dividend policy with focus on state-owned enterprises (SOEs), in Indonesia. The populations are all Indonesian firms (SOEs and non-SOEs) listed in LQ-45 index. Samples were selected using purposive sampling method. Number of collected samples are 60 firms or 118 firm-year observations (2018, 2019, and 2021). Using Moderated Regression Analysis (MRA), this study found a positive association between effective tax rate and dividend yield for non-SOEs. The result also reveals that SOEs tend not to engage in aggressive tax avoidance, with an average effective tax rate of 19.9%. Therefore, if SOEs plan to manage their taxes to lower the effective tax rate, they may provide higher yield to shareholders compared to non-SOEs.
IPO Stock Performance amidst the COVID-19 Pandemic: Has It been Undervalued? Kuswanto, Randy
Jurnal Dinamika Akuntansi dan Bisnis Vol 8, No 1 (2021): March 2021
Publisher : Accounting Departement Economics and Business Faculty Syiah Kuala University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jdab.v8i1.19830

Abstract

The purpose of this study is to examine the underpricing phenomenon from IPO firms listed in Indonesia Stock Exchange during the COVID-19 pandemic. Using purposive sampling method, 34 IPO firms after the announcement of pandemic COVID-19 were selected as research samples. The IPO stock closing prices and returns on days 1, 5, 10, 15, and 20 were analyzed using paired sample t-test. The findings show underpricing phenomenon still occurred during the pandemic period. However, the underpricing only documented statistically significant on the T1 of the trading day. After the first day of trading, the stocks returns consistently declined and were proved statistically insignificant at T5, T10, T15, and T20.
The Influence of Self-Control, Social Pressure, and Promotional Strategies on the Consumer Behavior on Pay Later Consumer Behavior with Financial Literacy as a Moderation Henry, Juphiter; Sellyna, Sellyna; Anabel, Belicia; Kuswanto, Randy
Primanomics : Jurnal Ekonomi & Bisnis Vol. 24 No. 1 (2026): Primanomics : Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31253/pe.v24i1.4038

Abstract

The rapid development of financial technology has led to a significant increase in the use of pay-later services, in Indonesia, offering transactional convenience but also raising concerns over rising consumerist behavior. This study aims to analyze the influence of self-control, social pressure, and promotional strategies on the consumptive behavior of pay later users, with financial literacy serving as a moderating variable. A quantitative research approach was employed, using questionnaires distributed to active pay later users in West Jakarta. Data were analyzed using multiple linear regression and moderated regression analysis (MRA). The findings are expected to demonstrate that self-control negatively affects consumptive behavior, while social pressure and promotional strategies have a positive influence. Furthermore, financial literacy is predicted to moderate these relationships by weakening both the negative and positive effects. The study provides theoretical and practical insights into understanding consumer behavior in digital finance, emphasizing the importance of financial literacy in promoting responsible spending.
Do Investment Decisions Matter for Firm Value? An Empirical Analysis of Financial Firms Yosua; Kuswanto, Randy
Jurnal Ilmu Manajemen dan Ekonomika Vol. 18 No. 1 (2025): Jurnal Ilmu Manajemen dan Ekonomika, Vol. 18, No.1, December 2025
Publisher : Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jime.v18i1.800

Abstract

This study examines the impact of investment decisions, dividend policy, profitability, and firm size on firm value in financial sector companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023. Employing a quantitative approach with purposive sampling, 25 financial companies were selected based on specific criteria, including consistent listing, dividend distribution, and financial reporting in Indonesian Rupiah. Classical assumption tests confirmed the validity of the regression model, and hypothesis testing was conducted using F-test and t-test. The findings reveal that profitability has a significant positive effect on firm value, while dividend policy and investment decisions do not exhibit a significant impact. Interestingly, firm size shows a significant negative effect, possibly due to regulatory pressures and post-pandemic operational challenges. These results highlight the dominant influence of regulatory compliance and investor focus on financial performance rather than expansion-oriented strategies. The adjusted R² value of 0.230 indicates that 23% of the variation in firm value is explained by the studied variables, suggesting that other factors outside the model may also significantly influence firm value.
ANALISIS KINERJA PORTOFOLIO SAHAM DENGAN METODE SHARPE, TREYNOR, DAN JENSEN (STUDI PADA SAHAM IDX80) Dionosius, Lius; Marvin Hendrily; Kuswanto, Randy
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/re923349

Abstract

Perkembangan pasar modal Indonesia yang semakin rumit menuntut penggunaan metode yang lebih canggih dalam menilai kinerja portofolio saham, terutama untuk saham-saham berkapitalisasi besar dan memiliki tingkat likuiditas tinggi. Penelitian ini bertujuan mengevaluasi kinerja portofolio saham dalam indeks IDX 80 dengan menerapkan tiga pendekatan analisis, yaitu metode Sharpe, Treynor, dan Jensen, pada periode 2021 hingga 2024, dengan fokus pada pengukuran imbal hasil yang disesuaikan dengan risiko (risk-adjusted return) berdasarkan perhitungan return harian. Penelitian ini menggunakan pendekatan kuantitatif deskriptif dengan perbandingan, serta teknik purposive sampling untuk memilih saham yang secara konsisten tercatat dalam indeks IDX 80. Data yang digunakan merupakan data sekunder, meliputi harga saham harian, tingkat suku bunga SBI yang dikonversi ke tingkat harian sebagai proxy risk-free rate, serta return pasar yang direpresentasikan oleh IHSG. Teknik analisis data mencakup statistik deskriptif, transformasi Z-score, dan analisis korelasi untuk mengukur konsistensi peringkat kinerja antar ketiga metode. Hasil penelitian menunjukkan adanya penurunan kinerja portofolio yang cukup signifikan. Nilai rasio Sharpe, yang sebelumnya tergolong sangat baik sebesar 4,610 pada tahun 2022, turun menjadi negatif -0,066 pada tahun 2024. Rasio Treynor juga menunjukkan penurunan dari 0,04545 menjadi -0,00057. Sementara itu, Jensen's Alpha tetap menunjukkan nilai positif, meskipun mengalami penurunan dari 0,000198 menjadi 0,000186. Temuan ini mengindikasikan bahwa kondisi makroekonomi, kebijakan moneter dari Bank Indonesia, serta pelemahan kinerja fundamental emiten merupakan faktor utama yang menyebabkan penurunan kinerja portofolio. Ketiga metode evaluasi secara konsisten mencerminkan tren penurunan kinerja, meskipun Jensen's Alpha cenderung memberikan pandangan yang lebih optimistis terhadap potensi portofolio untuk mengungguli pasar. Studi ini menegaskan pentingnya penggunaan berbagai indikator kinerja secara simultan dalam menilai performa portofolio serta memberikan kontribusi empiris bagi kajian literatur pengukuran kinerja portofolio di pasar modal Indonesia, khususnya dalam situasi pasar yang penuh tantangan dan kondisi suku bunga yang meningkat.
TEKNIK PBBL: MODEL PENYEDERHANAAN DALAM PENYUSUNAN LAPORAN LABA RUGI UNTUK UMKM Kuswanto, Randy
Journal of Business And Entrepreneurship Vol. 13 No. 2 (2025): JOURNAL OF BUSINESS AND ENTREPRENEURSHIP (November 2025 Edition)
Publisher : Sampoerna University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46273/jobe.v13i2.558

Abstract

This study aims to develop and evaluate the effectiveness of the PBBL method (Pendapatan, Bahan Baku, Biaya Lain, and Laba/Rugi – Revenue, Raw Materials, Other Expenses, and Profit/Loss) as a simplified financial recording model designed specifically for Micro and Small Enterprises (MSEs). The study was motivated by the persistent issue of low accounting literacy among MSEs in Indonesia, which has caused most business owners to be unable to determine their monthly profits accurately. Using a developmental research approach, this study was conducted in three stages: (1) identifying problems through interviews with ten MSE owners in Jakarta, (2) designing the PBBL technique based on the principle of accounting simplicity, and (3) conducting a limited field trial involving twenty-five MSEs through an implementation and mentoring program facilitated by STIE Wiyatamandala students. Findings reveal that all interviewed MSE owners lacked proper financial records and only relied on daily cash inflows to assess performance. The implementation of the PBBL method significantly improved financial awareness and recordkeeping discipline. The main challenges identified were inconsistent recordkeeping habits and difficulties in estimating month-end inventory values. Overall, this study concludes that the PBBL method serves as an effective transitional accounting model that enhances financial literacy and profit awareness among MSEs. It can be adopted as a practical, relevant, and educational tool in community-based financial empowerment programs. 
Pengaruh Literasi Keuangan, Pendapatan, Ekspektasi Return, dan Fluktuasi Harga Emas Terhadap Minat Berinvestasi Emas di Kalangan Gen Z: Studi Kasus Pada Kota Jakarta Barat Natasya Prawesti; Kuswanto, Randy
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 6 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i6.8064

Abstract

This study aims to analyze the effect of financial literacy, income, Return expectations, and gold price fluctuations on interest in investing in gold among Gen Z in West Jakarta City. This research design is quantitative research. The object of this research is Gen Z who lives in West Jakarta. Respondent data collection was carried out by distributing questionnaires in the form of google forms through online media. The assessment in the questionnaire uses a Likert scale. The sampling technique used purposive sampling method. The data obtained were analyzed using multiple linear regression to determine the extent to which each variable affects gold investment interest. This study indicates that financial literacy and gold price fluctuations have a positive and significant effect, while income and Return expectations have a negative and insignificant effect on Gen Z's interest in investing in gold in West Jakarta. This research is expected to be the basis for formulating more effective financial education strategies and investment policies to increase public participation in gold investment.
Co-Authors Adirianto Adrian Muluk, Muhammad Aliani, Deva Fitri Anabel, Belicia Angelita Angelita, Angelita Antonio Chandra, Ricky Breliastiti, Ririn Budi Kurniawan Defina Dionosius, Lius Eka Putra Jaya Halimah, Elsa Nur Henry, Juphiter Indah Masri Izabel, Thentyana lindah, lindah Lius Dionosius Lukman, Hendro Luzezyta, Natasya Marundha, Amor Marvin Hendrily Natasya Prawesti Ni Putu Eka Widiastuti Nuryati, Tutty Radjah, Lidia Riska Amelia Saprudin Saprudin, Saprudin Sellyna, Sellyna Sembiring, Rinawati Slamet Wahyudi Steven Andrianus Susilawati, Susilawati Tambunan, Indah Meilani Pramesti Tannama, Setyo Temy Setiawan, Temy Winardi, Juan Christian Wiwi Idawati Yosua