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All Journal Jurnal Akuntansi dan Ekonomika SENTRALISASI Aptisi Transactions on Technopreneurship (ATT) Jurnal Ilmiah Manajemen Kesatuan Airlangga Journal of Innovation Management Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) International Journal of Community Service & Engagement JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Indonesian Journal of Economics and Management Journal of General Education and Humanities Journal of Public Representative and Society Provision Eduvest - Journal of Universal Studies Research Horizon Journal Integration of Management Studies Siber International Journal of Digital Business Greenation International Journal of Tourism and Management International Journal of Management, Economic and Accounting
Sofiati, Nunung Ayu
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Aerospace Engineering Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Social Sciences Other

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Comparative Analysis of Active and Passive Portfolios with the Single Index Model and Capital Asset Pricing Model in Indonesia: Policy Directions in the Capital Market Sudarmadji, Harrys; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Ismail, Gurawan Dayona; Sumawidjaja, Riyandi Nur
Journal of Public Representative and Society Provision Vol. 5 No. 3 (2025): Journal of Public Representative and Society Provision
Publisher : Pusat Studi Pembangunan dan Pemberdayaan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55885/jprsp.v5i3.727

Abstract

This research conducts a comparative analysis between active and passive investment portfolios using two fundamental models in finance: the Single Index Model (SIM) and the Capital Asset Pricing Model (CAPM). The study focuses on stocks traded on the Indonesia Stock Exchange (IDX) that were not consistently included in the prestigious LQ45 Index during the period from January 2015 to June 2025. Using a rigorous quantitative method, the research compares portfolio performance, return, and risk under different strategies. The results conclusively indicate that portfolios designed with the Single Index Model consistently outperform those based on CAPM, and that active strategies deliver superior performance compared to passive ones. Beyond financial performance, the findings also carry significant policy implications. The consistent superiority of SIM suggests that regulators and market authorities should integrate simplified yet effective portfolio models into investor education initiatives. Similarly, the outperformance of active strategies highlights the importance of strengthening corporate disclosure standards and ensuring fair access to timely information, so that both institutional and retail investors can benefit equitably. By linking quantitative evidence with governance concerns, this study provides valuable insights for investors while offering policy directions to enhance transparency, inclusivity, and investor protection in Indonesia’s capital market.
Customer Satisfaction As A Mediator of The Influence of E-Marketing on Brand Image In XYZ Company Ridwan Ramadhan; Sofiati, Nunung Ayu; Sudaryo, Yoyo; Ali, Mochamad Mukti; Alfarisi, Ade Salman; Luntungan, Irving Ignatius Paul; Sakti, Anggono Raras Tirto
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 3 (2025): Dinasti International Journal of Economics, Finance & Accounting (July-August 2
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i3.4874

Abstract

This study aims to analyze Customer Satisfaction as a mediator of the influence of E-Marketing on Brand Image at PT. XYZ  E-Marketing, which includes Information, Service Existence, Service Responsiveness, Purchase Transaction Process, and Usefulness, has been well owned by the company. Customer Satisfaction, which includes the dimensions of Product Quality, Service Quality, and Price, is at a satisfactory level, while Brand Image, which includes Reputation, Recognition, Affinity, and Brand Loyalty, is also considered good by customers. With the cluster random sampling technique, a sample of 150 respondents was obtained from a population of 1,235 customers. Based on SEM analysis using the LISREL 8.80 program, the results showed that E-Marketing has a significant partial influence on Customer Satisfaction of 51.2% and on Brand Image of 17.3%. While Customer Satisfaction has a significant partial influence on Brand Image of 30.1%. Furthermore, from the Sobel test, it is known that Customer Satisfaction has a significant influence in mediating the E-Marketing Mix on Brand Image, with a mediator influence of 15.5%. This finding highlights the importance of optimizing E-Marketing strategies to increase Customer Satisfaction and strengthen Brand Image in the eyes of customers.
The Influence of Transaction Channel Preference and Cash Handling Behavior on the Achievement of Cash Donations in the ‘Charity Box Personal’ Program (A Research at the Humanitarian Organization Kilau Indonesia) Sugandi, Akhmad; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Ali , Mochammad Mukti; Ismail, Gurawan Dayona
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.52150

Abstract

The rapid digitization of financial transactions in Indonesia has fundamentally altered consumer payment behaviors, creating significant challenges for traditional cash-based charitable fundraising methods. This research investigates how donors’ Transaction Channel Preference and Cash Handling Behavior shape Cash Donation Achievement in Kilau Indonesia’s “Charity Box Personal” program. Using a cross-sectional survey of N=200N=200 donors sampled via stratified random procedures across four West Java regencies, Likert-type measures for both predictors were converted to interval scales with the Method of Successive Intervals (MSI). Multiple linear regression with SPSS 27 indicates a significant model fit (R=0.817R=0.817; R2=0.667R2=0.667; F(2,197)=197.233F(2,197)=197.233, p<.001p<.001). Transaction Channel Preference negatively predicts cash donations (β=−0.614β=−0.614, p<.001p<.001), consistent with a channel-substitution mechanism as donors favor digital payments. Contrary to expectation, Cash Handling Behavior also shows a negative association (β=−0.538β=−0.538, p<.001p<.001), suggesting that stricter cash budgeting reduces ad-hoc giving opportunities. Diagnostics (Durbin–Watson ≈ 1.94; no notable multicollinearity) support model validity. Managerially, nonprofits should adopt an omnichannel strategy by integrating QRIS into physical boxes and reporting combined (cash + digital) metrics. Theoretically, findings connect UTAUT, Perceived Value, and the Theory of Planned Behavior to explain declining cash-based philanthropy in a rapidly digitizing context.
The Influence of Flexible Working Hours, Work-Life Balance, and Compensation on Gen Z Purnamasari, Weny; Setiyani, Aris; Sofiati, Nunung Ayu; Sudaryo, Yoyo
Research Horizon Vol. 5 No. 5 (2025): Research Horizon - October 2025
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.5.5.2025.773

Abstract

Amid rapidly evolving workplace dynamics, job satisfaction and motivation have become pivotal in shaping employee productivity and loyalty, forming the foundation of this study’s investigation. This study aims to analyze the influence of flexible working hours, work-life balance, and compensations on employee satisfaction, with employee motivation serving as a mediating variable specifically among Generation Z employees in the manufacturing and service sectors in Bandung. A quantitative approach was applied using descriptive and verification methods. Data were collected through questionnaires distributed to 200 purposively selected respondents. The results indicate that the implementation of the three independent variables remains suboptimal, with average scores falling below the “good” category. Notably, flexible working hours and compensations showed a direct negative impact on both motivation and job satisfaction. Conversely, work-life balance had a strong positive effect on both variables. An interesting finding emerged when employee motivation was tested as a mediating variable: in some cases, motivation weakened the positive impact on satisfaction, suggesting a possible misalignment between the type of motivation provided and Generation Z’s internal expectations. This study highlights the urgent need for HR strategies that are responsive and aligned with Gen Z values and preferences to sustainably enhance employee satisfaction.  
Influence Of Cash Flow And Working Capital On Profitability And Stock Prices In Consumer Goods Industry Pratiwi, Nunur Fitri; Sipahutar, Dayan Hakim Natigor; Sudaryo, Yoyo; Sofiati, Nunung Ayu
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1766

Abstract

In the era of globalization and increasingly intense business competition, companies in various industrial sectors are required to manage their resources efficiently to achieve desired financial goals. The objective of a company is to maximize profits for its survival. Sales are one of the main operational activities of a company and a primary source of revenue. The fluctuating nature of stock prices requires an investor to understand the factors influencing their changes. Factors affecting stock price changes include financial statements and financial ratios.This study uses secondary data, namely the financial statements of Consumer Goods Industry companies in the Food and Beverages sub-sector listed on the Indonesia Stock Exchange (IDX) from 2020-2023. The sampling technique used is purposive sampling, resulting in a total sample of 14 companies. The data analysis technique used in this study is multiple linear regression analysis, preceded by classical assumption tests including normality test, multicollinearity test, heteroscedasticity test, and autocorrelation test. The results of the model fit test show that cash flow and working capital are suitable as explanatory variables for profitability.The hypothesis testing results indicate that cash flow has a positive but not significant effect on profitability, meaning that if cash flow increases, profitability tends to increase. Working capital has a negative but not significant effect on profitability, meaning that if working capital decreases, profitability will increase. The market stock price significantly moderates the relationship between cash flow and profitability, but it does not significantly moderate the relationship between working capital and profitability.
Event Study Of The New Economy Board On Abnormal Return And Trading Volume Activity Of Company Shares In The Indonesia Stock Exchange Setiawan, Agung; Sudaryo, Yoyo; Sipahutar, Dayan Hakim Natigor; Sofiati, Nunung Ayu
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1767

Abstract

The research window for this study is 11 days, which includes 5 days prior to the event, 5 days after the incident, and an estimated 14 days after the event. The type of research in this study is an event study. In this case, the independent variable (variable X) is the event of launching the New Board Economic whereas the dependent variables (variable Y) are abnormal return and trading volume activity. The research sample consists of companies listed on the new economic listing board. The companies included in the sample are GOTO, BUKA, and BELI. Hypothesis testing is done using One Sample T-Test and Paired Sample T-Test. The research results show that the significance value of abnormal return on T-5 is <0.05, whereas for other periods it is >0.05. Similarly, all periods of trading volume activity show values >0.05. This indicates that there is a significant abnormal return on T-5, or 5 days before the event of the launch of the New Economic Board. Meanwhile, in other periods, there is no significant abnormal return, and none of the periods show significant trading volume activity. In the difference test, the Sig. (2-tailed) values for both abnormal return and trading volume activity are >0.05, indicating no difference in abnormal return before and after the launch of the new economic board, as well as no difference in trading volume activity.
Analysis Of Cash Ratio (CR), Debt To Equity Ratio (DER), And Return On Equity (ROE) On Ecomonic Value Added (EVA) In Digital Banks Anindya, Sevina Hanisa; Sudaryo, Yoyo; Sipahutar, Dayan Hakim Natigor; Sofiati, Nunung Ayu; Ismail, Gurawan Dayona
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1769

Abstract

This study evaluates the performance of digital banks in Indonesia during 2020-2023 as a real form of digitalization, focusing on the effect of Cash Ratio, Debt to Equity Ratio, and Return on Equity on Economic Value Added (EVA) in digital banks. The research method used is quantitative method with descriptive and verification approaches. The data source used is secondary data with purposive sampling and the companies selected from the criteria are 7 digital bank companies for 4 periods, so that the sample used in this study is 28 samples. The data used in this study are secondary data in the form of annual reports going public on the bank company website. The analysis technique used in this research is regression with panel data using the Eviews program. The results of this study indicate that the significance value of the cash ratio t test T count -0.910149 < T table 2.05553, and a sig value of 0.3718> 0.05 means that the Cash Ratio has no effect on Economic Value Added in 7 digital bank companies. The significance value of the Debt to Equity Ratio T test shows the value of T count -2.272184> T table 2.05553, and the sig value of 0.0323 <0.05. The significance value of the Return on Equity T test shows the value of T count -0.608342 < T table 2.05553, and the sig value of 0.35487> from 0.05 means that Return on Equity has no effect on Economic Value Added in 7 digital bank companies in Indonesia.
Analysis of Current Ratio (CR), Debt To Equity Ratio (DER), Total Asset Turnover (TATO), Return On Assets on Share Prices in Mining Companies Ganesha, Dicky Tri; Sipahutar, Dayan Hakim Natigor; Sudaryo, Yoyo; Sofiati, Nunung Ayu
Eduvest - Journal of Universal Studies Vol. 4 No. 9 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1798

Abstract

The share prices of mining companies included in the LQ 45 Index are unstable because they experience increases and decreases from 2018 to 2023 (5 years).  If the other independent variables remain constant, each increase is one unit Debt to Equity Ratio will reduce share prices -0.643. Then influence Total Asset Turnover to Share Prices in Mining Companies that are members of the LQ 45 Index for the 2018-2023 period is a significant and positive influence. If the other independent variables remain constant, each increase is one unit Total Asset Turnover will increase the share price by 0.453. Furthermore, the influence of ROA (Return On Asset) to Share Prices in Mining Companies that are members of the LQ 45 Index for the 2018-2023 period is a significant and negative effect. If the other independent variables remain constant, each increase is one unit Total Asset Turnover will lower the Share Price 1,060. and Current Ratio, Debt to Equity Ratio, Total Asset Turnover, ROA (Return On Asset) simultaneous significant effect on share prices in Mining Companies that are members of the LQ 45 Index for the 2018-2023 period with a percentage of 79% means that it is 79% Current Ratio, Debt to Equity RatiO,Total Asset Turnover and ROA (Return On Asset) to Stock Price and the rest 21% influenced by factor other than the variables studied.
Comparative Analysis Of Investment Return Calculations Between Single Index Model (SIM), Capital Asset Pricing Model (CAPM), And Arbitrage Pricing Theory (APT) In 8 Mining Company Sectors Noviani, Dinda; Sipahutar, Dayan Hakim Natigor; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Sajekti, Tjipto
Eduvest - Journal of Universal Studies Vol. 4 No. 9 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1799

Abstract

This study aims to analyze the comparative calculation of investment return rates between three models, namely Single Index Model (SIM), Capital Asset Pricing Model (CAPM), and Arbitrage Pricing Theory (APT), in eight mining company sectors listed on the Indonesia Stock Exchange (IDX 30). This study uses historical data from the mining company sectors to calculate and compare the investment return rates based on these three models. The research method used is statistical analysis to evaluate and compare the predicted investment return rates from the Single Index Model (SIM), Capital Asset Pricing Model (CAPM), and Arbitrage Pricing Theory (APT). The data used includes historical stock prices, company financial data, and relevant market data. The results of this study are expected to provide a better understanding of the effectiveness and advantages of each model in the context of mining companies listed on IDX 30. The results of this study show that the Single Index Model (SIM) indicates a moderate financial potential with an average value of 7,58, which is lower compared to CAPM. A high risk (beta) of 2,20 indicates that this investment has a higher risk than the market. On the other hand, the Capital Asset Pricing Model (CAPM) has a higher average return value of 19,15, indicating greater profit potential but also commensurate risk. The Arbitrage Pricing Theory calculation of 6,46, the lowest, reflects a more cautious calculation of return estimates. The inflation beta risk value of 100.924,50 and the deposit interest beta risk of 9.320,14 are very high.
The Influence Of Training, Competence, And Leadership On Lecturer Career Development Through Work Motivation As An Intervening Variable Jordan, Reza; Ismail, Gurawan Dayona; Sofiati, Nunung Ayu; Ali, Mochammad Mukti; Sudaryo , Yoyo
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51613

Abstract

The results of the study indicate that training has an effect on work motivation. The original sample value for variable X1 (training) on Y (work motivation) is 1.14, with a t-statistic of 13.524 and p-values of 0.000, which is smaller than the significance level, indicating a positive and significant influence between variable X1 (training) and Y (work motivation). The original sample value implies that better and higher training leads to better and higher work motivation. Furthermore, competence influences work motivation. The original sample value for variable X2 (competence) on Y (work motivation) is -0.177, with a t-statistic of 2.593 and p-values of 0.01, which is smaller than the significance level, indicating a non-positive but significant influence of variable X2 (competence) on Y (work motivation). Leadership influences work motivation. The original sample value for variable X3 (leadership) on Y (work motivation) is 0.03, with a t-statistic of 0.771 and p-values of 0.441, which is smaller than the significance level, indicating a positive and significant influence of variable X3 (leadership) on Y (work motivation). The original sample value implies that better and higher leadership leads to better and higher work motivation. Subsequently, work motivation influences career development. The original sample value for variable Y (work motivation) on Z (career development) is 0.348, with a t-statistic of 1.645 and p-values of 0.1, which is smaller than the significance level, indicating a positive and significant influence of variable Y (work motivation) on Z (career development).
Co-Authors Admaja, Firma Agustin Dwi agung setiawan Alfarisi, Ade Salman Ali , Mochammad Mukti Ali, Mariyuana Abdussamad Ali, Mochamad Mukti Amanati, Nuzul Andrean, Meilani Eka Putri Andriasan Sudarso Anggono Raras Tirto Sakti Anindya, Sevina Hanisa Aris Setiyani, Aris Asti Nur Aryanti Aziz, Dadan Abdul Bernadus, Benny Dadan Abdul Aziz Mubarok Dadan Abdul Aziz Mubarok Dayan Hakim Natigor Dayona, Gurawan Detya Wiryany Ekapaula, Rolla Fadhilah, Alfi Fauzi Fajar, Kartika Bunga Febrianto Febrianto, Febrianto Febriyanti, Karina Fernandez, Egi Frans, Raja G, Syahrul Nursapni Ganesha, Dicky Tri Hamdani, Deni Hamdani, Erico Herlina, Heni Hikmah, Agung Mohamad Ismail, Gurawan Dayona Jaya, Rama Chandra Jordan, Reza Kamal, Muhhammad Ikhsan Luntungan, Irving Ignatius Paul Mukti Ali, Mochammad Muttaqin, Ridlwan Nengsi, Astiana Nenobais, Manoakh Novia Indah Lestari Noviani, Dinda Nuradina, Kartika Prasetiyo, Wildan Guretno Pratiwi, Nunur Fitri Prilaksono, Kursusantyo Dudung Purbanuara Parlindungan Sitorus Purnamasari, Weny Purwoko, Harry Ridwan Ramadhan Rimayani, Rimayani Riyandi Nur Sumawidjaja Safitri, Meilina Sastri, Prinska Damara Setiawan, Naufal Alip Putra Sidjabat, Sonya Sudarmadji, Harrys Sudaryo , Yoyo Sugandi, Akhmad Sugiarti Sugiarti Sujatmika, Dendi Sumawidjaya, Riyadi Nur Sumawidjaya, Riyandi Nur Sutisna Sutisna Syarif, Devyanthi Tjipto Sajekti Widodo, Rintis Eko WIjayanthi, Ida Ayu Trisna Wiryani, Detya Yoyo Sudaryo Yuningsih, Salsa Billa Putri