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Budi Lesmana
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Economics, Econometrics & Finance

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Metode Penilaian Harga Call Option Atas Warant Perbankan Di Indonesia Menggunakan Metode Penilaian Harga Call Option Dibandingkan Dengan Harga Pasar Budi Lesmana; widiawati, santi
JRAK (Jurnal Riset Akuntansi dan Bisnis) Vol. 10 No. 2 (2024): JRAK Jurnal Riset Akuntansi dan Bisnis Juli 2024
Publisher : LPPM POLITEKNIK LP3I BANDUNG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38204/jrak.v10i2.2029

Abstract

The purpose of this research is to know the application from the valuation method of the call option price for the warrant of the banking sector in the Indonesian Stock Exchange, after that the theoretical price from the valuation method of the call option price could be compare with the market price. The research conducted with four warrants of the banking sector that have quite active transactions, there are BNII-W, BNII-W2, BNLI-W, and PNBN-W. The research begin with the calculation of the risk from the stock as the underlying asset for the warrant. Then continued with the recognition for other indicators that need to calculate the theoretical price of the call option price with the Black-Scholes Option Pricing Model, there are stock price, exercise price, risk free interest rate (SBI), and remaining time of the warrant from the exercise date. Theoretical price with the Black-Scholes Option Pricing Model could be compare with the market price of the warrant. Then could be known the comparison of the movement between theoretical price with the market price. From the result of the research showed that the market price is different with the theoretical price with the Black-Scholes Option Pricing Model for BNII-W, BNII-W2, BNLI-W, and PNBN-W. The difference for BNII-W2 is not statistically significant, while the difference for BNII-W, BNLI-W, and PNBN-W are statistically significant. The movement of the market price for BNII-W, BNII-W2, BNLI-W, and PNBN-W are not always move to the new theoretical equilibrium price with the Black-Scholes Option Pricing Model. The difference in the value and the movement between market price with the theoretical price could be caused by the condition of the Indonesian capital market that is not in the efficient condition yet, this could be indicated that the transaction have not reflect for full information. Besides that the option instrument is still not completely traded in the Indonesian Stock Exchange, so the investor could not used the difference between the market price and the theoretical price with some arbitrage to get gain.
Analisis Penggunaan Digital Marketing dalam Meningkatan Penjualan di Toko Pertanian Sari Tani Temanggung Jawa Tengah Budi Lesmana; widiawati, santi
JRAK (Jurnal Riset Akuntansi dan Bisnis) Vol. 11 No. 1 (2025): JRAK Jurnal Riset Akuntansi dan Bisnis Januari 2025
Publisher : LPPM POLITEKNIK LP3I BANDUNG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38204/jrak.v11i1.2267

Abstract

The purpose of this study is to analyze the effect of digital marketing on sales made at the Sari Tani Agricultural Store. Marketing has become one of the efficient ways for small and medium enterprises (SMEs) to optimize sales along with the development of digital technology. This type of research is quantitative which focuses on a survey approach involving consumers and Sari Tani store managers as respondents. Research data were collected through questionnaires, interviews and linear regression analysis to examine the relationship between digital marketing variables, including social media sites, e-commerce and paid advertising significantly. The results of this study indicate that the ability to optimize digital marketing has a significant effect on increasing the number of new customers, strengthening customer loyalty and having a direct impact on increasing sales at the Sari Tani Store. The regression analysis conducted shows that digital marketing strategies have a positive effect on sales. The conclusion of this study is to emphasize the importance of the role of digital marketing in increasing the competitiveness and sales growth of the Sari Tani store, as well as providing recommendations for optimizing digital marketing strategies on sales growth..
Analisis Pengembalian Pendapatan Pada Pelaporan Keuangan Dan Relevansi Nilai Informasi Akuntansi Herru Soerjono; Mira Ismirani Fudsyi; Sakti Muda Nasution; Budi Lesmana; Rumaizha, Riri
JRAK (Jurnal Riset Akuntansi dan Bisnis) Vol. 11 No. 2 (2025): JRAK Jurnal Riset Akuntansi dan Bisnis Juli 2025
Publisher : LPPM POLITEKNIK LP3I BANDUNG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38204/jrak.v11i2.2509

Abstract

This research aims to find the relationship between stock returns and profit levels and changes in profits, analyze financial reporting income returns and evaluate accounting values. Income return analysis in financial reporting is the process of evaluating a company's income performance by looking at various factors that influence it, including the income return itself. The purpose of the analysis is to understand sources of income, sales effectiveness, and potential problems that can affect future income. The research method used is an incremental relative association approach in order to determine changes in the relevance of the value of accounting information with financial reporting. The Easton and Harris model is implemented in this research by collecting accounting data over several time periods, as well as observing companies listed on the stock exchange. Hypothesis testing uses econometric tests and multivariate panel regression. The results of the reaserch showed a decrease in the relevance of the value of income returns in financial reporting. The contribution of this researchis the documentation of changes in value relevance in the financial reporting process. The results of the value relevance are only based on the return model, not analyzing the price model.
Co-Authors Herru Soerjono Mira Ismirani Fudsyi Rumaizha, Riri Sakti Muda Nasution Widiawati, Santi