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Fenomena Black Swan: Dampak Covid-19 Terhadap Herding Behavior Pada Sembilan Sektor di Pasar Modal Indonesia: Black Swan Phenomenon: The Impact of Covid-19 On Herding Behavior in Nine Sectors in The Indonesian Stock Market Harahap, Serarifi Elagin; Achsani, Noer Azam; Sasongko, Hendro
Jurnal Aplikasi Bisnis dan Manajemen Vol. 9 No. 3 (2023): JABM Vol. 9 No. 3, September 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.3.998

Abstract

This study examines herding behavior in Indonesian capital market during COVID-19 pandemic. We assume, COVID-19 announcement has a black swan effect on the Indonesian capital market, which results in behavioral anomalies such as herding behavior. Herding can cause high volatility and market destabilization. This research used Cross-Sectional Absolute Deviation (CSAD) method to determine herding behavior in nine sectors (225 companies) on the Indonesia Stock Exchange (IDX) caused by black swan effect of the COVID-19 pandemic. The samples were stocks in nine sectors in IDX, consisting of 225 companies. The observation period is from February 01, 2018, to March 31, 2022. The study found that JKBIND (basic industry and chemicals) is the only sector that tends to herd. Meanwhile, there was no tendency for herding to occur in the other eight sectors. This study found that Indonesian capital market is quite rational because it is stable during the COVID-19 period (only one sector has a herding behavior trend). Herding behavior is an interesting topic during crisis periods, when investors share their fears and are vulnerable to large-scale financial panics. This research can increase the understanding of the capital market and the financial impact of the COVID-19 pandemic for investors and regulators. Keywords: COVID-19, Cross-Sectional Absolute Deviation (CSAD), herding behavior, Indonesia, stock market
Model Kolaborasi Lembaga Keuangan dan Universitas Dalam Memperkuat Akses Layanan Keuangan Mikro dan Kinerja Usaha Mikro dan Kecil di Indonesia: A Model of Collaboration of Financial Institutions and Universities in Strengthening Access To Microfinance Services And The Performance of Micro and Small Enterprises in Indonesia Suhendi; Achsani, Noer Azam; Najib, Mukhamad; Novianti, Tanti
Jurnal Aplikasi Bisnis dan Manajemen Vol. 9 No. 3 (2023): JABM Vol. 9 No. 3, September 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.3.976

Abstract

Micro and Small Enterprises (MSEs) have an important and strategic role in national economic development. This study aims to identify and analyze problems in the implementation of microfinance services for MSEs in Indonesia and develop a collaborative model involving relevant stakeholders, especially financial institutions and universities, to support microfinance and improve the performance of MSEs in Indonesia. The research method used in this research is Soft Systems Methodology (SSM), utilizing data from FGDs, in-depth interviews, and observations. The results of the study show that financing constraints for MSEs can be seen from two perspectives, namely the MSEs themselves (demand side) and financial institutions (supply side). Collaborative models between various stakeholders, especially between financial institutions and universities, can be an alternative solution to strengthen access to microfinance services and improve the performance of micro and small businesses in Indonesia. In terms of transaction cost theory, universities can reduce the transaction costs of financial institutions through research, education, innovation, and partnerships with financial institutions. Therefore it can be concluded that collaboration between universities and financial institutions can make a valuable contribution to developing more efficient and cost-effective solutions in the financial industry, especially in increasing access to microfinance services and the performance of MSEs in Indonesia. Keywords: catwoe, collaborative intervention, financial system, rich picture, soft system methodology
TINGKAT KEPUASAN PEMOHON PENSERTIFIKATAN TANAH PADA KANTOR PERTANAHAN Soemargo, Amrieh Samad; Hubeis, Aida Vityala; Achsani, Noer Azam
Jurnal Ilmu Keluarga dan Konsumen Vol. 9 No. 1 (2016): Jurnal Ilmu Keluarga dan Konsumen
Publisher : Department of Family and Consumer Sciences, Faculty of Human Ecology, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (433.443 KB) | DOI: 10.24156/jikk.2016.9.1.53

Abstract

Land Service has strategic significance for the benefit of society, especially in order to provide legal certainty and legal protection of a plot so that the public expects land services are easily accessible, cheap, fast, and give satisfaction to the users of the service. This study aimed to analyze the satisfaction level of the applicant, priority indicators to improve the satisfaction level of applicant, and the policies that must be taken to improve the satisfaction level of applicant to the quality of land services in Land Office of Badung District. The study was conducted using a cross sectional survey method on 120 applicants who transferred purchase and mortgage rights in the form of a questionnaire. The questionnaire is then processed with the validity and reliability analysis, gap analysis, and analysis of Importance Performance Analysis (IPA). The results showed that the quality of services provided by Land Office of Badung District did not meet the community satisfaction in Badung, and indicators that need to be prioritized to improve the satisfaction level of applicant is the timeliness of certificate completion. So the alternative policy that can be recommended in order to improve community satisfaction on quality service of land certification in Land Office of Badung District is to evaluate the service quality of land certification. Service quality was the first priority that has to be improved based on the result of this study in order to increase the quality of public services in the future.
The Relationship Between the Audit Board of the Republic of Indonesia's (BPK) Opinion With Regional Government Financial Report and Corruption Idrus, Yudi Avalon; Achsani, Noer Azam; Hardiyanto, Arief Tri
Jurnal Tata Kelola dan Akuntabilitas Keuangan Negara 2018: JTAKEN Vol. 4 No. 1 June 2018
Publisher : Badan Pemeriksa Keuangan Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28986/jtaken.v4i1.168

Abstract

BPK audit report on a government financial report contains an opinion that is a professional statement of the auditor regarding the fairness of financial information presented in the financial statement. In forming an opinion, a BPK auditor uses four criteria: the application of the Government Accounting Standard, adequate disclosures, compliance with laws and regulations, and effectiveness of internal control systems. The unqualified opinion is issued to a financial report with no material statements and/or fraud. However, it is widely reported that many irregularities still occur across government entities and cost the state's resources (finance). This study aims to analyze corruption committed by heads of local governments and its influence on BPK opinion and build a model which shows the relationship between them. This study uses a model called ordinal logistic regression and finds a correlation between BPK opinion and corruption committed by heads of local governments. The best ordinal logistic regression model shows that BPK opinion is dominantly influenced by the compliance of government financial reports with Government Accounting Standard, compliance with laws and regulations, and effectiveness of internal control systems.
The Impacts of ALMA Primary Variables on Profitability An Empirical Study of Indonesian Banking Jumono, Sapto; Achsani, Noer Azam; Hakim, Dedi Budiman; Firdaus, Muhamad
International Research Journal of Business Studies Vol. 8 No. 1 (2015): April - July 2015
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.8.1.13-32

Abstract

This study aims to determine the impact of liquidity on BEP and ROE in Indonesian banking industry. The supporting theory in this study is ALMA theory. Based on annual data for the period 2001-2014 and following purposive sampling technique, the acquired amount of sample study is 97 banks. The data is analyzed using panel data regression of GMM Arrelano Bond, as a novelty in data processing, therefore the speed of adjustment can be known. The ALMA variables such as LAR, capital, leverage, operating expenses, interest income, and CAR sensitivity have a significant effect on BEP and ROE. Meanwhile LDR, NPL, the FBI have no impact on profitability. The implication of this study is the fact that banking performance in Indonesia can be leveled up through the reduction in mortgage interest rates and increment of credit volume and FBI.
Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: a Panel Data Analysis Hardiyanto, Arief Tri; Achsani, Noer Azam; Sembel, Roy; Maulana, Tb. Nur Ahmad
International Research Journal of Business Studies Vol. 6 No. 1 (2013): April - July 2013
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.6.1.29-43

Abstract

Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved) capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series CrossSection Regression (TSCSREG) and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.
The Significance of Loyalty on Consumer Credit Profitability Prihartono, Aditya Galih; Sumarwan, Ujang; Achsani, Noer Azam; Kirbrandoko, Kirbrandoko
International Research Journal of Business Studies Vol. 5 No. 1 (2012): April - July 2012
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.5.1.13-34

Abstract

The purpose of this research is to analyze and test the effect of customer loyalty on consumer credit profitability. Loyalty Index Score was developed to determine the level of customers’ loyalty level through 4 main variables; Longevity, Depth, Breadth and Referrals. The effect of Loyalty Index Score on profitability was further tested by path analysis to find out the significance direct relationship between loyalty and profitablity and the indirect relationship between the two variable through bucket. The result showed that loyalty has a significant effect on profitability either directly or indirectly. It was concluded that direct loyalty effect on profitability is lower than that of the indirect effect through bucket. The conclusion could be made by analyzing the available data from personal loan customers in one of the biggest multinational bank in indonesia during October 2010 until March 2011. 
Infrastructure-360: Analyzing the Performance of the Infrastructure Sector from Multiple Sides Helmi Adam; Noer Azam Achsani; Roy H.M. Sembel; Linda Karlina Sari
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 4 (2025): JIMKES Edisi Juli 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i4.3688

Abstract

The infrastructure sector serves as the backbone of national economic growth, with both state-owned enterprises (SOEs) and non-state-owned enterprises (Non-SOEs) playing strategic roles in public service delivery and investment. However, the Covid-19 pandemic has disrupted the sector's stability and performance, highlighting the need for a more comprehensive analysis of the internal and external factors influencing company performance across different periods. This study aims to examine the impact of corporate fundamentals, macroeconomic indicators, the Indonesia Composite Index (ICI), and Environmental, Social, and Governance (ESG) factors on the profitability and stock returns of SOEs and Non-SOEs in the infrastructure sector before, during, and after the Covid-19 pandemic. Using a descriptive quantitative approach and quarterly financial data from 2018 to 2023 for 42 companies, the study finds that SOEs demonstrate greater financial stability, while Non-SOEs exhibit higher operational adaptability. ESG-implementing firms generally report better profitability and healthier capital structures, albeit with higher volatility. These findings suggest the importance of enhancing operational efficiency, reinforcing ESG adoption, and maintaining sound financial structures to ensure business sustainability. Future studies are encouraged to explore qualitative aspects such as strategic innovation and governance transformation for more holistic insights.   Keywords: Infrastructure, SOEs, Non-SOEs, Company Performance, Covid-19 Pandemic
Co-Authors -, Kaseno . Gunawan . Risfaheri ., Harianto ., Widhianthini A, Akhmad Aang Munawar Abd. Rasyid Syamsuri Abdullah, Feriansyah Abdurachman Abdurachman Achmad Fadillah Achmad Gus Fahmi Adetiya Rachman Aditya Galih Prihartono Aditya Kurniawan Aditya Kurniawan Adler H. Manurung Adler H. Manurung Adler Hayman Manurung Adler Haymans Manurung Adytia Pradnya Murti Agus Buono Agustina Widi Palupiningrum‬ Ahmad Haryo Oktamto Ahmad Heri Firdaus Aida Vityala Hubeis, Aida Vityala Ake Wihadanto Akhiruddin Maddu Akhmad Fauzi Alexandi, Muhammad Findi Alfa Firdaus Ali Akil Parlindungan Siregar Amadeus Sanda Layuk Amelia Theresia Sirait Amrieh Samad Soemargo, Amrieh Samad Amzul Rifin Ana Turyanti Andi Buchari Andra Devi Benazir Anggaraeni, Lukytawati Anggun Ratnawulan Ani Suryani Ani Suryani Anto Tri Sugiarto Arief Daryanto Arief Sabdo Yuwono Arief Tri Hardiyanto Arif Imam Suroso Arif Kurniadi Arif Kurniadi Aris Dwi Cahyanto Arman Arman Armansyah Halomoan Tambunan Aruddy Aruddy Aruddy Arya Hadi Dharmawan Asaduddin Abdullah Ascarya Ascarya Asep Taryana Asysyifa Vivekananda Aty Herawati Aulia Yulianti Wulandari Ayu Rahayu SARASWATI Aziz Darwis, Abdul Aziz, Lukmanul Hakim Baba Barus Bagus Sartono Bambang Juanda Bambang Mulyana Hermanto Bambang Pramudya Bambang Pramudya Noorachmat, Bambang Pramudya Bandono, Bayu Baransano, Michael Albert Bayu Bandono Bayu Bandono Bayu Bandono Bayu Bandono Bayu Widokartiko Beny Mulyana Sukandar Bonar M. Sinaga Bratakusumah, Deddy S. Budiatman Satiawihardja Bunasor Sanim Bustanul Arifin Bustanul Arifin Cahyana, Purwa Tri Casnan Casnan Casnan, Casnan Cecep Kusmana Cory Trisilawaty Cut Meurah Rosnelly Danang Harimurti Danika Reka Artha Danika Reka Artha Danti Astrini DB Hakim, DB Hakim Deddy S. Bratakusumah Deddy S. Bratakusumah Dede Iskandar Dedi Budiman Hakim Dedi Mulyadi2, Dedi Desak Putu Ristami Paramita Dhany Surya Ratana Dhita, Sasha Dian Fajarika, Dian Didin Hafidhuddin MS Dino Rimantho Djumali Mangunwidjaja Dodyk Pranowo Dominicus Savio Priyarsono Dondy A Setyabudi Drajat Martianto Dwi Andhayani Edi Mulyon Edvin Aldrian Edy Mulyono Eka Intan Kumala Putri Eka Khaerandy Oktafianto Eka Sudarmaji Elida Novita Elly Zunara Endang Prangdimurti Eriyatno . Erna Rusliana Muhamad Saleh Ernan Rustiadi Ernawati Alena Ersyad Perdana Perdana Erwin Riyanto Eti Rohaeti Etty Riani Fadjar Sofyar Fahmi, Achmad Gus Fajrian, Muhammad Aja FARAH FAHMA Fatma Aghitsni Fauzi, Rizal Ahmad Fenny Salomina Jensanura Asyerem Ferry Ardiansyah Ferry Syarifuddin Firman Siregar Fitri Kinasih Husnul Khotimah Fitria Yuliani Fitry Filianty Frances Roi Seston Tampubolon Ganistie Furry Qisthina Gasmara, Dimas Dhanubrata Gustan Pari Hadi Susilo Arifin Hadjomidjojo, Hartrisari Hakim, Dedi Budiman Handayani, Yulya Harahap, Serarifi Elagin Hardiyanto, Arief Tri Hari Wijayanto Harianto Harianto Harianto MS Hariyadi Hariyadi Hartrisari Hadjomidjojo Hartrisari Hardjomidjojo Hefni Effendi Helen Wiryani Helmi Adam Hendina Pratiwi Hendramiko Hendri Setiadi Hendro Sasongko Hendro Sasongko Hendro Sasongko Hendro Sasongko Hendro Sasongko Hendro Sasongko Heni Hasanah Heni Hasanah Henny Saraswati Hermanto Siregar Herry Frenky Nababan Hizir Sofyan I Gede Widya Anantayoga Idqan Fahmi Idrus, Yudi Avalon Idrus, Yudi Avalon Ikhsana, Nadya Ramadhani Imam T Saptono Imam Teguh Saptono Indah Yuliasih Irawan, Toni Irfan Syauqi Beik Irmayanti Irmayanti Irmayanti Irmayanti, Irmayanti Irzaman, Irzaman Istingani Istingani Joyo Winoto, Joyo Kirbrandoko Kirbrandoko Kirbrandoko Kirbrandoko Koes Pranowo La Ode Abdul Rahman Laily Dwi Arsyanti, Laily Dwi Laily, Noer Lala M Kolopaking Lanang Bagus Satrio Liesbetini Haditjaroko Liesbetini Hartoto Lina Warlina LINAWATI HARDJITO Linda Karlina Sari Lukman M. Baga Lukytawati Anggraeni M Firdaus, M Firdaus Machfud Machfud Machfud Machfud Mangara Tambunan Mangara Tambunan Marimin , Marimin Marimin Maulana, Tb. Nur Ahmad Maulana, Tubagus N.A. Maulida Aulia Rezki Meiharriko Meika Syahbana Rusli Meika Syahbanna Rusli Mela Yunita Michael Albert Baransano Michael Albert Baransano Michael Silaen Miranti Miranti Moch Hadi Santoso Moh. Yani Mohamad Syamsul Ma’arif Mohammad Amirul Muzakki Mohammad Iqbal Irfany Mohammad WIJAYA Mokhammad Fadhil Adnanhasan Muadz Abdul Hakim Muhamad Firdaus Muhammad Aja Fajrian Muhammad Romli dan Suprihatin Andes Ismayana Mukhamad Najib Mulyorini Rahayuningsih Murtadho, Muhammad Afif Musa Musa Nani Yuheti Yuniatin Narotama, Bintang nFN Setyadjit Nia Kurniawati Hidayat, Nia Kurniawati Nida El Husna Novian Zen Nugraha, Herry Nunung Nuryartono Nur Richana Nurvita, Tita Nurwati, Etty Pekey, Simon Pipih Suptijah Pramulya, Rahmat Pratama, Alfin Yoga Pratiwi, Hanum Amalia Budhi Prihartono, Aditya Galih Purnawan Purnawan Purnawan Purnawan Purwanto, Sugeng Putri, Pebrika Yudha Raden Dikky Indrawan Raden Roro Anita Nur Rimadhani Rafif, Kevin Rahman, Adytia Rahmat Budiman Rahmat Mulyana Rahmi Jamza RAMADHAN, MUHAMMAD FARHAN Ramadhoni Tiar Saputra Resky Rumbiak Retnaningsih Rico Rizal Budidarmo Rifki Ismal Rina Oktaviani Risya Maulida Septiana Rita Nurmalina Rizal Syarief Rizal Syarief Rosniyati Suwarda Roy H.M. Sembel Roy Sembel Roy Sembel Roy Sembel Rubiyo Rubiyo Rudjito Rudjito Rudy C Tarumingkeng Ruka Yulia Salfauqi Nurman, Salfauqi Salsa Dilla Santo, Deni Santosa Santosa Santoso, Moch. Hadi Sapta Raharja Sapto Jumono Saraswati, Henny Satyawan Sunito Sembel, Roy Setia Hadi Setiadi Djohar Setyo Wibowo Sidik Herman, Sidik Sillak Hasiany Siregar, Firman Sjafri Mangkuprawira Sofina Mujadiddah Solihin Solihin Sri Hartoyo Sri Mulato Sri Murtiyanti Sri Usmiati Suarsih, Siti Suhendi Suhendi Sumedi Andoyo Mulyo Sunarti, Titi Chandra Suprehatin Suprehatin Suprihatin Suprihatin Surjono H Sutjahjo Surjono H Sutjahjo, Surjono H Syachbudy, Qiki Qilang Syamsul Hidayat Pasaribu Syzdykov, Abylay Tajuddin Bantacut Tajudin Bantacut Tania June Tanti Novianti Tarumingkeng, Rudy C TATI NURHAYATI Taufik Djatna Tb Nur Ahmad Maulana Teguh Adiprasetyo Temmy Wikaningrum Tia Rahmina Titi Candra Sunarti Tjahjono, Agus Eko Toni Bakhtiar Tony Irawan Tri Marwati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Tribella Kembaren Tridoyo Kusumastanto Trisilawaty, Cory Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tun Tedja Irawadi Tuti Tutuarim Ujang Sumarwan Utomo, Audry Arsyila Viga Fakoano Wahid Achsan Wanda Kharisa Ristyanti Wicaksono, Matius Rangga Widodo, Fran Sagita Widyastutik Wulandari, Hestiani Yandra Arkeman Yandra Arkeman Yudi Avalon Idrus Yulia, Ruka Yusman Syaukat Zaenal Abidin Zainal Abidin Zainal Zawir Simon Zainal Zawir Simon, Zainal Zawir Zatalini, Halimah Zelin Nurfadia Sidik