Wita Juwita Ermawati
Department Of Management, Faculty Of Economics And Management, Institut Pertanian Bogor, Bogor, Indonesia

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Journal : Jurnal Manajemen dan Organisasi

Capital Asset Pricing Model (CAPM) Analysis: Technology Sector Stock Conditions Before and During the Pandemic Rizky Ramadhoni, Refindi; Matoati, Rindang; Rahmawati, Siti; Kaewlaead, Chuta; Juwita Ermawati, Wita
Jurnal Manajemen dan Organisasi Vol. 15 No. 2 (2024): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jmo.v15i2.56449

Abstract

The COVID-19 pandemic made people more active in saving, such as investing in the capital market. Stocks in the technology sector were excellent stocks because the trading volume increased by up to 7.3 times during the pandemic. The Capital Asset Pricing Model (CAPM) was a model to see the expected rate of return and aimed to assist investors in making investment decisions. CAPM used beta (β) to measure the sensitivity a stock or portfolio is to market movements. Beta indicates the tendency of an asset's return to react to fluctuations in the overall market. This study aimed to look at differences in technology sector stocks in the period before and during the pandemic using the CAPM method and paired t-test. The research using a purposive sampling method. A quantitative descriptive method was used in this study and used secondary data in the form of financial statements of technology sector companies listed on the Indonesia Stock Exchange. Based on the results of the study, seven stocks had an average negative return before the pandemic and positive returns during the pandemic. There was one efficient stock in the pre-pandemic period and six inefficient shares, and seven shares were classified as efficient shares during the pandemic. The results of the paired t-test showed that there was a significant difference between individual returns before and during the pandemic.
Analisis Penerapan Model UTAUT 2 Behavioral Intention dan Use Behavior Penggunaan Aplikasi Pedulilindungi Fauziah, Amelisa; Juwita Ermawati, Wita; Hidayati, Nurul
Jurnal Manajemen dan Organisasi Vol. 15 No. 3 (2024): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jmo.v15i3.54638

Abstract

The increase in COVID-19 positive cases in Jakarta Province in 2022, namely 1,112,007 positive cases of COVID-19 and among them 14,239 of them died, has become an alarm for the Indonesian government to immediately take effective countermeasures. This is because Jakarta is the largest government and economic center in Indonesia. One of the efforts made is by enforcing the Restriction of Community Activities (PPKM). This PPKM aims to limit community mobility in various sectors in order to minimize the chain of spread of COVID-19 cases in Indonesia. The implementation of Community Activity Restrictions (PPKM) has led to restrictions on community movement across various sectors. To monitor this mobilization, the government introduced the PeduliLindungi digital platform in April 2020 as part of its ongoing strategy to manage the COVID-19 pandemic. This study aimed to evaluate the acceptance and usage of the PeduliLindungi app using the UTAUT2 model. Conducted in 2022, the research employed purposive sampling with 256 respondents. Descriptive analysis and Structural Equation Modeling (SEM) – PLS were used for data analysis. The findings reveal that four UTAUT2 factors—performance expectancy, facilitating conditions, price value, and habit—impact Behavioral Intention. Specifically, higher levels of satisfaction and habitual use of PeduliLindungi strengthen the intention to use the app. Facilitating conditions, habit, and Behavioral Intention also influence actual usage behavior: better facilitating conditions correlate with more frequent use of PeduliLindungi. Additionally, the study found that variables such as age, gender, and internet experience did not significantly affect Behavioral Intention or usage behavior.
Pengaruh Environment, Social and Governance terhadap Kinerja Perusahaan IDX ESGL dengan Variabel Moderasi Transformasi Digital Aushaf Indra Luhfhi, Gusti; Mulyati, Heti; Juwita Ermawati, Wita
Jurnal Manajemen dan Organisasi Vol. 16 No. 3 (2025): Jurnal Manajemen dan Organisasi
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jmo.v16i3.63639

Abstract

The role of Environmental, Social, and Governance (ESG) in influencing company performance has become a central topic in many investment considerations today. However, in its development, ESG alone has not been sufficient to deliver a significant improvement. Therefore, Digital Transformation (DT) has begun to be utilized to enhance the effectiveness of ESG. This study aims to analyze the effect of ESG on the performance of companies listed in the Indonesia Stock Exchange Environmental, Social, and Governance Leaders Index (IDX ESGL), with digital transformation as a moderating variable. The sample consists of 45 companies that were consistently included in the IDX ESGL index over five evaluation periods from 2019 to 2023. Data analysis was conducted using descriptive statistics and panel data regression, with the aid of Microsoft Excel, Python, and EViews 13. The findings of this study indicate that ESG has a positive and significant impact on financial performance, as proxied by Return on Assets (ROA) and Return on Equity (ROE), as well as on firm value, as measured by Tobin’s Q (TQ). However, digital transformation (DT) as a moderating variable does not strengthen the effect of ESG on financial performance or firm value. Based on the panel data regression results, the best-fitting model for the analysis without moderation (ESG only) is the Random Effect Model (REM) for Model 1 (ROA), Model 2 (ROE), and Model 3 (Tobin’s Q). Meanwhile, for models with DT as a moderator, the best-fitting models are the Fixed Effect Model (FEM) for Model 4 (ROA) and Model 6 (Tobin’s Q), and REM for Model 5 (ROE).