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All Journal Jurnal Pengabdian Kepada Masyarakat Sakai Sambayan Jurnal Ilmiah Ekonomi Islam SEIKO : Journal of Management & Business Yumary: Jurnal Pengabdian kepada Masyarakat Nusantara Hasana Journal International Journal of Education, Social Studies, And Management (IJESSM) International Journal of Economics, Business, and Entrepreneurship (IJEBE) Devotion: Journal Corner of Community Service Indonesian Journal of Islamic Economics and Finance Education, Language, and Arts: Jurnal Pengabdian Kepada Masyarakat Green Economics: International Journal of Islamic and Economic Education Journal of Social Sciences and Technology for Community Service BEGAWI: Jurnal Pengabdian Kepada Masyarakat
Fajrin Satria Dwi Kesumah
Department Of Management, Faculty Of Economics And Business, Universitas Lampung, Lampung
Agriculture, Biological Sciences & Forestry Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Library & Information Science Medicine & Pharmacology Nursing Social Sciences Other

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Dynamic Correlation Analysis Between IHSG and JII Index as Hedging and Safe Haven (2020-2025) Rahmad Afrenal Alim; Igo Febrianto; Fajrin Satria Dwi Kesumah
Green Economics: International Journal of Islamic and Economic Education Vol. 2 No. 3 (2025): July: Green Economics: International Journal of Islamic and Economic Education
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/greeneconomics.v2i3.306

Abstract

This study investigates the potential role of the Jakarta Islamic Index (JII) as a hedging instrument and safe haven asset against the Indonesia Composite Index (IHSG) during the period from January 2020 to April 2025, a time characterized by elevated market volatility. The main objective is to determine whether sharia-compliant stocks in Indonesia offer diversification benefits during periods of financial stress. Utilizing daily closing prices converted into log returns, the study employs the Asymmetric Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (A-DCC GARCH) model to capture time-varying correlations between JII and IHSG. Prior to applying the model, standard diagnostic tests were performed to ensure data quality, including tests for stationarity, autocorrelation, and ARCH effects.Empirical results reveal a persistently high correlation between IHSG and JII, with an average of 0.826 and values exceeding 0.95 during periods of market turbulence. These findings indicate that JII does not fulfill the characteristics of a hedge or safe haven asset. A robustness analysis using extended data from 2010 to mid-2025 further supports the conclusion, showing the continued presence of strong comovement between the two indices across different market regimes. This suggests a structural relationship rather than one driven solely by crisis events. The high correlation may be attributed to overlapping index constituents and similar investor responses to market shocks. These results challenge the prevailing notion that Islamic indices inherently offer protection during downturns. As such, investors seeking to mitigate portfolio risk may need to look beyond domestic sharia equities and consider broader asset classes or international diversification. Future research is encouraged to explore cross-market and multi-asset safe haven properties, especially in the context of emerging economies.
Analysis of Financial Flexibility, Earning Volatility, and Asset Structure on Capital Structure in Infrastructure Companies Listed on the Indonesia Stock Exchange 2021–2024 Anggara, Amelia Putri; Febrianto, Igo; Kesumah, Fajrin Satria Dwi
International Journal Of Education, Social Studies, And Management (IJESSM) Vol. 5 No. 2 (2025): The International Journal of Education, Social Studies, and Management (IJESSM)
Publisher : LPPPIPublishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52121/ijessm.v5i2.813

Abstract

This study explores the impact of financial flexibility, earnings volatility, and asset structure on the capital structure of companies operating in the heavy construction and civil engineering subsector of Indonesia’s infrastructure industry, listed on the Indonesia Stock Exchange between 2021 and 2024. Employing panel data regression on 285 firm-year observations, the research identifies several critical insights. First, financial flexibility approximated by the ratio of retained earnings to total assets has a positive and statistically significant relationship with capital structure. This suggests that firms with greater internal financial strength tend to rely more on debt financing when additional funding is required, allowing them to respond efficiently to financial risks and investment opportunities in this capital-intensive environment. Second, earnings volatility, calculated as the standard deviation of return on assets (ROA), does not exhibit a significant influence on capital structure decisions. This outcome indicates that income variability does not markedly affect firms’ use of debt, likely due to their ability to manage unstable earnings through adaptive financial practices. Lastly, asset structure—measured by the proportion of fixed assets to total assets—also shows no significant correlation with capital structure. This result challenges the universal applicability of the pecking order theory, especially within industries characterized by high capital demands and unique risk profiles, such as heavy construction. The findings offer valuable insights by analyzing financial decision-making in a capital-intensive sector within a developing economy and highlight the potential need to reconsider traditional capital structure theories in specific industry contexts.
Volatilitas Nilai Tukar, Arus Investasi Asing, dan Stabilitas Keuangan di Negara ASEAN-5: Analisis Empiris Kesumah, Fajrin Satria Dwi; Firdaus, Luthfi
SEIKO : Journal of Management & Business Vol 8, No 2 (2025): July - December
Publisher : Program Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/sejaman.v8i2.10247

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh nilai tukar, arus investasi asing langsung (FDI), pertumbuhan ekonomi, dan inflasi terhadap stabilitas keuangan di negara-negara ASEAN-5 selama periode 2011–2024. Selain itu, penelitian ini juga menguji peran variabel kontrol eksternal berupa suku bunga acuan The Fed dan tekanan keuangan di pasar emerging market (FSI_EM). Menggunakan pendekatan kuantitatif dengan data panel dan estimasi melalui Common Effect Model (CEM), hasil menunjukkan bahwa nilai tukar dan pertumbuhan PDB berpengaruh positif dan signifikan terhadap stabilitas keuangan, sementara FDI dan inflasi tidak signifikan. Variabel kontrol eksternal menunjukkan bahwa tekanan keuangan di emerging market memiliki pengaruh negatif signifikan terhadap stabilitas keuangan, sedangkan suku bunga The Fed menunjukkan pengaruh negatif yang signifikan pada tingkat 10%. Temuan ini menegaskan pentingnya kebijakan makroekonomi yang adaptif, koordinasi regional, dan sistem peringatan dini untuk meningkatkan ketahanan keuangan ASEAN-5 terhadap guncangan eksternal.
KNOWLEDGE SHARING PENGEMBANGAN DESA DEVISA KECAMATAN NATAR, LAMPUNG Kesumah, Fajrin Satria Dwi; Muslimin, Muslimin; Ahadiat, Ayi; Andriani HR, Lis; Firdaus, Luthfi
Jurnal Pengabdian Kepada Masyarakat Sakai Sambayan Vol. 8 No. 1 (2024)
Publisher : Lembaga Penelitian dan Pengabdian Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23960/jss.v8i1.475

Abstract

Desa Wai Sari merupakan salah satu desa yang berada di Kecamatan Natar Kabupaten Lampung Selatan. Berdasarkan analisis situasi, sebagian besar petani di Desa Wai Sari memiliki permasalah terkait hasil pertanian yang mengalami tekanan harga yang cukup berat, yaitu padi, jagung dan singkong. Upaya pemecahan masalah sudah dilakukan oleh aparat desa dengan melakukan diversifikasi pertanian, yaitu dengan menanam pisang cavendsih. Produk pertanian ini memiliki potensi yang dapat diserap oleh pasar, baik local maupun eksport. Dengan luasnya lahan yang belum optimal dan lokasi desa yang startegis, yang tidak jauh dari jalan tol trans sumatera, pengembangan pisang Cavendish di wilayah ini memiliki potensi untuk dikembangkan. Akhirnya, target luaran dari kegiatan PKM ini yaitu diharapkan dapat meningkatkan kesejahteraan masyarakat desa melalui kegiatan yang meningkatkan pengetahuan juga aksi nyata yang berdampak pada meningkatkan nilai dan tingkat penjualan.
PENINGKATAN LITERASI KEUANGAN DAN SISTEM PEMBIAYAAN BAGI PELAKU UMKM DI DESA TARAHAN LAMPUNG SELATAN Kesumah, Fajrin Satria Dwi; Mardiana, Nova; Muslimin, Muslimin; Andriani, Lis
BEGAWI : Jurnal Pengabdian Kepada Masyarakat Vol. 2 No. 2 (2024): Volume 2 - Nomor 2 - Juli 2024
Publisher : Faculty of Economics and Business Lampung University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23960/begawi.v2i2.49

Abstract

Mitra PKM menghadapi sejumlah permasalahan terutama dalam peningkatan literasi keuangan dan akses pembiayaan bagi pelaku UMKM. Salah satunya adalah tingkat literasi keuangan yang rendah di kalangan masyarakat desa tersebut. Dengan potensi usaha yang bergerak di bidang warisan lokal, pelaku UMKM di Desa Tarahan, seperti Kelompok Sanggar Tapis Rakata terkadang kesulitan untuk mengembangkan usahanya karena akses pemodalan dan pembiayaan yang terbatas. Selain itu, pentingnya infrastruktur dan teknologi yang memadai juga harus diperhatikan, termasuk penyediaan akses internet dan teknologi keuangan untuk mendukung akses terhadap informasi dan layanan keuangan. Adapun harapan dari PKM ini yaitu dapat meningkatkan tingkat literasi keuangan para pelaku UMKM di Desa Tarahan yang pada akhirnya dapat meningkatkan kesejahteraan masyarakat desa melalui kegiatan yang meningkatkan pengetahuan juga aksi nyata yang berdampak pada meningkatkan nilai usaha mereka.
Strengthening Digital Data-Based Asset Management Systems to Support School Accountability Luthfi Firdaus; Fajrin Satria Dwi Kesumah; Salsabila; Reka Aldilana Ramadhan
Journal Social Science And Technology For Community Service Vol. 7 No. 1 (2026): Volume 7 Nomor 1 Maret 2026
Publisher : Universitas Teknokrat Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33365/jsstcs.v7i1.938

Abstract

This community service activity aims to strengthen the asset management system at YP Unila High School through the implementation of a simple yet effective digital-based database. Initial observations identified key issues such as scattered asset records, data inconsistencies, and minimal handover documentation, which could potentially reduce the accountability and efficiency of school governance. Interventions included designing a Microsoft Excel-based database template, providing technical training, and assisting with implementation through the initial data entry stage. Pre-post test results for 15 participants (staff) showed an average score increase of 17 points, indicating the training's effectiveness in enhancing human resource capacity. The evaluation also revealed a reduction in asset naming variations, increased inventory code consistency, and the emergence of a data-driven work culture. Further discussion, referring to academic literature, confirmed that asset digitization not only simplifies administrative processes but also strengthens the principles of good governance through transparency and accountability. This program can be replicated in other schools using a phased approach and developed into a web-based system for more comprehensive and sustainable data integration.
PENGARUH FINANCIAL LITERACY, FINANCIAL TECHNOLOGY, DAN HERDING BEHAVIOR TERHADAP KEPUTUSAN INVESTASI DENGAN RISK PERCEPTION SEBAGAI VARIABEL MODERASI PADA MAHASISWA FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS LAMPUNG Indah Permata Sari; Ahmad Faisol; Fajrin Satria Dwi Kesumah; Mahatma Kufepaksi
Nusantara Hasana Journal Vol. 5 No. 10 (2026): Nusantara Hasana Journal, March 2026
Publisher : Yayasan Nusantara Hasana Berdikari

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59003/nhj.v5i10.1978

Abstract

This study aims to empirically examine the effect of financial literacy, financial technology, and herding behavior on investment decisions, with risk perception as a moderating variable on students of the Faculty of Economics and Business, University of Lampung. The phenomenon of increased participation of young investors in the Indonesian capital market, including in Lampung Province, is not balanced with adequate financial literacy and vulnerability to irrational investment behavior. This condition underlies the need for further exploration of the determinants of investment decisions among students. This study uses a quantitative approach with a survey method. Data collection was conducted by distributing questionnaires to 46 students of the Finance Management Study Program from the 2021-2023 batch, selected using purposive sampling. Data analysis used Moderated Regression Analysis with the help of SPSS version 25 software. The results of this study indicate that, partially, financial literacy, financial technology, and herding behavior do not significantly affect student investment decisions. Risk perception is also not proven to moderate the influence of these three independent variables on investment decisions. However, simultaneously, all variables in the model, including financial literacy, financial technology, herding behavior, risk perception, and interactions between variables, significantly affect investment decisions. The Adjusted R² value of 46.9% indicates that the model is able to explain 46.9% of the variation in student investment decisions, while the remaining 53.1% is explained by factors other than those included in this research model. The results of this study show a gap between knowledge and action among students and confirm that investment decisions are a complex phenomenon influenced by the simultaneous interaction of various factors. This study provides a theoretical contribution to the development of Behavioral Finance Theory and practical implications for universities, regulators, and students in designing financial education programs that are more applicable and responsive to the dynamics of digital investment.
Co-Authors AHMAD FAISOL Amsyari, Randy Andriani HR, Lis Angga Febrian Anggara, Amelia Putri Atika Riasari Ayi Ahadiat Ayi Ahadiat, Ayi Azizah, Elsia Nur Ernie Hendrawaty Febrian, E Angga Febrianto, Igo Gigih Forda Nama Hasrun Afandi Umpusinga HR, Lis Andriani Huzaimah, RA Fiska Igo Febrianto Indah Permata Sari Lis Andriani Lis Andriani, Lis Luthfi Firdaus Mahatma Kufepaksi Mahrinasari MS Mahrinasari MS Muslimin Muslimin Nova Mardiana, Nova Rahmad Afrenal Alim Razak, Darmianti Reka Aldilana Ramadhan Rialdi Azhar Ribhan Ribhan Salsabila Satria Bangsawan Satria Bangsawan Sri Hasnawati