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Environmental, Social, and Governance, Investment, and Firm Value: Insights from a Bibliometric and Systematic Review Suhasmoro, Auliyah Rizky; Novianti, Tanti; Achsani, Noer Azam; Andati, Trias
Studi Akuntansi, Keuangan, dan Manajemen Vol 5 No 4 (2026): April
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v5i4.6322

Abstract

Purpose: This study synthesizes the literature on the relationship between Environmental, Social, and Governance (ESG) factors, investment outcomes, and firm value. Despite the growth of ESG research, the findings remain fragmented, particularly regarding which ESG dimensions are materially relevant for valuation and investment decisions. Research Methodology: A systematic literature review combined with a bibliometric analysis was conducted using the Scopus database. A total of 67 peer-reviewed journal articles published between 2017 and 2025 were selected based on predefined inclusion criteria, including relevance, accessibility, and journal quality (Q1–Q2 journals). Bibliometric techniques—keyword co-occurrence, author co-citation, and bibliographic coupling—were performed using VOSviewer to identify the key themes and intellectual foundations. Results: The results show a sharp rise in ESG-related research after 2021, with a 35% increase in the number of publications. Themes such as ESG performance, corporate governance, and firm valuation metrics, such as Tobin’s Q, are central. However, studies relying on aggregate ESG scores dominate, and research on specific ESG indicators and dynamic ESG risks, such as controversies, is limited. Conclusions: The findings reveal substantial heterogeneity across institutional and market contexts, explaining the inconsistent empirical evidence. ESG research has grown significantly, but more granular and context-sensitive studies are needed to explore the varying impacts across industries and regions. Limitations: This study was limited to Scopus-indexed, English-language, open-access Q1–Q2 journal articles and did not assess causal relationships. This may exclude relevant studies from non-English journals or other sources. Contributions: This study provides a bibliometric synthesis of ESG investment firm value research, highlighting gaps and encouraging future studies focused on indicator-specific ESG measures and dynamic risks.
Effect of NaCI solution concentration, particle size and ratio on viscosity inhibitor of porang flour Mohammad Amirul Muzakki; Erliza Noor; Anto Tri Sugiarto
AGROINTEK Vol 19, No 1 (2025)
Publisher : Agroindustrial Technology, University of Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/agrointek.v19i1.17543

Abstract

Porang flour has a fairly high glucomannan content, up to 65%, which can accelerate the formation or viscosity process in porang flour. The high viscosities cannot be applied to rotating flow nozzle-type hydrodynamic cavitation devices designed to form cavitation bubbles during degradation. In this study, the preeminent process parameters will be sought, especially for particle size, concentration of NaCl solution, and the ratio (porang flour : NaCl solution: isopropyl alcohol) to the inhibition of viscosity formation at porang flour. It aims to analyze those factors effect on viscosity inhibition to support the performance of cavitation bubble formation during the process of breaking cell walls in porang flour. This process was carried out in a factorial complete randomized design (CRD) on all 3 factors with 2 repetitions. The results show that the factor of particle size, the concentration of NaCl, and the ratio significantly affected the decrease in the viscosity of porang flour. Large particle sizes with high concentrations of NaCl can reduce the viscosity level up to 10 cP. The results of the addition of isopropyl alcohol in the ratio (mesh size 40: 5% NaCl: isopropyl alcohol) at a concentration of 2.5% can produce a viscosity of up to 10 cP with a gel level in the sample that is more invisible and not concentrated. In the experimental stage using the swirling flow nozzle type hydrodynamic cavitation technique with the selected formulation, it was seen that the calcium oxalate diminution in porang flour was up to 97.2 mg/100g with a degradation percentage of 52.63%. The residual calcium oxalate in porang flour contradicted the standard for human body tolerance, explicitly 71 mg/100g. Therefore, the resultant flour is not safe to consume. Furthermore, the yield of calcium oxalate at this experimental stage still does not meet SNI 7938:2020, that is, 30 g/100g.
Determinants of Solvency and Performance in Insurance: Role of Risk-Based Capital in Stability Kevin Rafif; Noer Azam Achsani; Laily Dwi Arsyanti; Abylay Syzdykov
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 1 (2025): JABM, Vol. 11 No. 1, Januari 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.1.317

Abstract

Background: The insurance sector's solvency and performance are critical for financial stability, particularly under the influence of Risk-Based Capital (RBC) regulations. These regulations enhance industry resilience, mitigating financial instability risks.Purpose: This study aims to identify the determinants of solvency and performance within the insurance industry, emphasizing the role of RBC regulations.Methodology: A systematic literature review of 20 empirical studies, published from 2018 to 2024, was conducted. Studies were selected based on relevance to solvency and performance and analyzed for regional and economic trends.Findings: Profitability, company size, and leverage were identified as significant internal factors influencing solvency. Specifically, profitability positively impacts solvency, while high leverage heightens vulnerability during economic downturns. RBC regulations contribute to industry stability but may restrict insurers’ capacity for higher-yield investments, thereby affecting profitability.Conclusion: Effective solvency management requires balanced regulatory strategies. RBC regulations support financial stability but must be crafted to allow growth, enabling insurers to manage risks while pursuing profitability.State of the art: This research provides insights into RBC regulation effects on the insurance sector's financial health, offering policy recommendations to promote stability and growth. Keywords: solvency, risk-based capital, insurance sector, profitability, regulatory frameworks
Determinant of Financial Distress on The Retail Public Companies: Indonesia Case Audry Arsyila Utomo; Noer Azam Achsani; Aruddy
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 1 (2025): JABM, Vol. 11 No. 1, Januari 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.1.35

Abstract

Background: The retail sector plays a significant role in the Indonesian economy. According to data from Badan Pusat Statistik (BPS) in 2020, the retail sector contributed 12.93% to Indonesia's total Gross Domestic Product (GDP). However, results from the Retail Sales (SPE) survey by Bank Indonesia indicated a downward trend in the average annual growth of real sales for retail from 2015 to 2020. A decline in sales can lead to a decrease in income. The company's inability to balance income and costs raises the potential for financial distress. Purpose: This research aims to study which financial factors may influence financial distress. Design/Methodology/Approach: The observation period is from 2017 to 2021. This research uses the Debt Service Coverage Ratio (DSCR) as a proxy for financial distress. This research also employs a binary logistic model to identify which financial factors influence financial distress.Findings/Result: Logistic regression analysis revealed that Return on Equity (ROE) has a negative and significant effect on the DSCR value with a coefficient of -15.066. Equity-to-Total Assets ratio (EQ/TA) also has a negative and significant effect on financial distress with a coefficient of -5.042. Conclusion: The results emphasize the importance of consistent management of company performance, particularly by monitoring financial ratios that significantly affect the likelihood of financial distress.Originality/value(State of the art): This research offers new insights into the impact of financial ratios on financial distress, specifically within the context of the retail sector experiencing economic uncertainty during the COVID-19 pandemic. It is focusing on a critical period and a specific sector, thereby providing valuable contributions to stakeholders such as investors, company management, and policy makers. Keywords: DSCR, financial distress, financial ratios, logistic regression, company management
The Effect of Sustainability Disclosure and Performance on The Accounting Performance of LQ45 Companies in Indonesia Mutia Prawitasari; Noer Azam Achsani; Trias Andati
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 1 (2026): JABM, Vol. 12 No. 1, Januari 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.1.315

Abstract

Background: Sustainability has emerged as a global priority, and in Indonesia, the issuance of POJK No. 51/2017 obliges all public companies to publish sustainability reports starting in 2020. Considering that prior studies have produced mixed findings regarding the relationship between sustainability and financial performance, this issue remains open for further empirical investigation.Purpose: This study aims to examine the effect of sustainability disclosure and sustainability performance covering economic, environmental, and social dimensions on the accounting performance of LQ45 companies during the mandatory sustainability reporting period.Design/methodology/approach: This quantitative empirical research analyzes 62 sustainability reports from 24 non-financial LQ45 companies over the period 2020–2022. Sustainability disclosure and sustainability performance are measured using content analysis based on the GRI Standards. Accounting performance is proxied by Return on Assets (ROA), and the hypotheses are tested using a fixed-effects panel regression model.Findings/Results: The results show an upward trend in both sustainability disclosure and sustainability performance over the observation period. Economic and environmental disclosures exhibit negative but statistically insignificant effects on accounting performance. In contrast, social disclosure shows a positive and significant effect, indicating that stakeholder-oriented practices such as employee welfare, product responsibility, and customer satisfaction contribute to improved accounting performance. Sustainability performance across all dimensions does not show a significant effect on accounting performance.Conclusion: Although economic and environmental disclosures may involve short-term costs, firms are encouraged to strengthen social disclosure, as it demonstrates a positive association with accounting performance.Originality/Value (State of art): This study integrates both sustainability disclosure and sustainability performance within the context of mandatory sustainability reporting. Keywords:  sustainability disclosure, sustainability performance, accounting performance, financial performance, content analysis
Macroeconomic Impact of Sharia Business Unit of Indonesian Islamic Banking On Liquidity Asymmetric Approach Hakim, Muadz Abdul; Achsani, Noer Azam; Saptono, Imam Teguh
MALIA: Journal of Islamic Banking and Finance Vol 7, No 1 (2023): Malia: Journal of Islamic Banking and Finance
Publisher : IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/malia.v7i1.20892

Abstract

This study aims to determine the impact of macroeconomics on the liquidity of Indonesian Sharia Business Units (UUS). The liquidity in this study uses the Financing to Deposit Ratio (FDR). In contrast, the Macro Factors used are Inflation, Rupiah to Dollar Exchange Rate, BI Rate and Gross Domestic Product (GDP). The method used Nonlinear Autoregressive Distributed Lag (NARDL) method with data from January 2015 - June 2022. The results showed that in the long term, that affect UUS liquidity are Positive Rate, Negative Rate, Positive GDP, and Negative GDP, in the short term Inflation, Exchange Rate, Rate, and GDP are both positive and negative. Results show that UUS liquidity is vulnerable to changes in Indonesia's macroeconomic factors.
STRATEGY FOR INTEGRATING SOCIAL SECURITY PROTECTION INTO SPORTS EVENTS Jeperson Pardede; Noer Azam Achsani; Hendro Sasongko
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 8 (2026): JULY (ON PROGRESS)
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21212534

Abstract

Background: The participation of informal workers (Bukan Penerima Upah / BPU) in BPJS Ketenagakerjaan remains low despite the rapid growth of sports events in Indonesia. Running events involve various informal actors who face occupational risks, yet most events still rely on liability waivers rather than formal social security protection. Although national regulations mandate protection for sports actors, implementation remains fragmented and non-integrated. Objective: This study aims to analyze the perceptions and preferences of sports event participants and organizers toward social security protection and formulate an integration strategy to increase informal workers’ participation in BPJS Ketenagakerjaan Samarinda. Method: This study employed a mixed-method approach using Structural Equation Modeling–Partial Least Squares (SEM-PLS) and Soft System Methodology (SSM). SEM-PLS was used to analyze the perceptions and preferences of runners and sports event organizers toward social security protection, while SSM was applied to formulate an integration strategy for BPJS Ketenagakerjaan protection within sports events. Conclusion: The SEM-PLS results indicate that perceived behavioral control, particularly ease of registration and process simplicity, is the most influential factor affecting runners’ intention to participate, while product attributes are the dominant factor for event organizers. The SSM analysis further reveals that successful integration requires regulatory support, digital registration integration, bundled participation mechanisms, cross-sector collaboration, and continuous monitoring. Therefore, a system-based and integrated approach is more effective than conventional voluntary approaches in expanding social security coverage within the sports event ecosystem.
Co-Authors -, Kaseno . Gunawan . Risfaheri ., Harianto ., Widhianthini A, Akhmad Aang Munawar Abd. Rasyid Syamsuri Abdullah, Feriansyah Abdurachman Abdurachman Abylay Syzdykov Achmad Fadillah Achmad Gus Fahmi Achmad Iskandar Zulkarnain 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 Anny Ratnawati 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 Astri Puspitasari Asysyifa Vivekananda Aty Herawati Audry Arsyila Utomo Aulia Yulianti Wulandari Auliyah Rizky Suhasmoro 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 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 Ferli, Ossi 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 Hakim, Muadz Abdul Handayani, Yulya Harahap, Serarifi Elagin Hardiyanto, Arief Tri Hari Wijayanto Harianto Harianto Harianto MS Harimurti, Danang 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 Hendro Sasongko Heni Hasanah Heni Hasanah Henny Saraswati Hermanto Siregar Herry Frenky Nababan Hesti Werdaningtyas Hizir Sofyan I Gede Widya Anantayoga Idqan Fahmi Idrus, Yudi Avalon Idrus, Yudi Avalon Ikhsana, Nadya Ramadhani Imam T Saptono Imam Teguh Saptono Imam Teguh Saptono Indah Yuliasih Irawan, Toni Irfan Syauqi Beik Irmayanti Irmayanti Irmayanti Irmayanti, Irmayanti Irzaman, Irzaman Istingani Istingani Jeperson Pardede Joyo Winoto, Joyo Kevin Rafif Kirbrandoko Kirbrandoko Kirbrandoko Kirbrandoko Koes Pranowo La Ode Abdul Rahman Laily Dwi Arsyanti 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 Mulya Siregar Mulyorini Rahayuningsih Murtadho, Muhammad Afif Musa Musa Mutia Prawitasari Nani Yuheti Yuniatin Narotama, Bintang nFN Setyadjit Nia Kurniawati Hidayat, Nia Kurniawati Nida El Husna Novian Zen Nugraha, Herry Nunung Nuryartono Nur Hasanah 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 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 Sari Darwis, Ferwina 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 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 Viga Fakoano Wahid Achsan Wanda Kharisa Ristyanti Wibowo, Andri Tri 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 Zenal Asikin