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All Journal International Journal of Evaluation and Research in Education (IJERE) Jurnal Fakultas Ekonomi : OPTIMAL Jurnal Manajemen dan Bisnis (Performa) Jurnal Keuangan dan Perbankan Jurnal Manajemen dan Bisnis Sriwijaya Sains: Jurnal Manajemen dan Bisnis Jurnal Ilmiah Ekonomi dan Bisnis Briliant: Jurnal Riset dan Konseptual Jurnal Akuntansi dan Pajak IJBE (Integrated Journal of Business and Economics) Jurnal ASET (Akuntansi Riset) SRIWIJAYA INTERNATIONAL JOURNAL OF DYNAMIC ECONOMICS AND BUSINESS Indonesian Journal of Strategic Management Agregat: Jurnal Ekonomi dan Bisnis International Journal of Social Science and Business Ekono Insentif JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Indonesian Journal Of Business And Economics JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan) AKUNTABILITAS: Jurnal Penelitian dan Pengembangan Akuntansi Progress: Jurnal Pendidikan, Akuntansi dan Keuangan Jurnal Riset Akuntansi Kontemporer Jurnal Ilmiah Manajemen Ubhara Journal Evaluation in Education (JEE) Journal of International Conference Proceedings Journal of Islamic Economics and Business Khazanah Sosial
Nugraha Nugraha
Universitas Pendidikan Indonesia
Religion Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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MASIH RELEVANKAH TEORI PORTOFOLIO MODERN? Erik Alghifari; Bayu Setia; Nugraha Nugraha; Maya Sari
Jurnal Ilmiah Ekonomi Dan Bisnis Vol. 20 No. 1 (2023)
Publisher : Universitas Lancang Kuning

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31849/jieb.v20i1.8536

Abstract

There have been many criticisms of modern portfolio theory. The framework of modern portfolio theory is static, modern portfolio theory assumes that assets are normally distributed. But in times of financial crisis or pandemic, asset class correlations increase, and assets lose value more than normal distributions would expect. This study empirically whether it is possible to apply modern portfolio theory using additional criteria. The criteria proposed are based on financial ratio analysis, using debt ratios expressed as debt to equity and profitability ratios expressed as return on assets. Based on the analysis, modern portfolio theory can be applied using these additional criteria. The analysis shows that portfolios that have a low debt to equity and portfolios with low asset returns or have good performance. But when viewed from the risk, portfolios with a debt to equity ratio of less than one are more diversified so that they are low risk, as well as portfolios with a return on assets of more than 0.1 have a low risk. Risk-averse investors who are trying to experience losses in times of financial turmoil or the current Covid-19 pandemic can add criteria that do not refer to the normal distribution. This research brings new alternative techniques to investors and adds a new dimension to the ongoing relevance of modern portfolio theory.
DIRECTORS DIVERSITY, BUSINESS STRATEGY, SALES GROWTH ON TAX AVOIDANCE Toni Heryana; Delina Herdian Septiani; Nugraha Nugraha
Jurnal ASET (Akuntansi Riset) Vol 14, No 1 (2022): JURNAL ASET (AKUNTANSI RISET) JANUARI-JUNI 2022
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jaset.v14i1.52900

Abstract

The Covid-19 pandemic has affected the growth of world trade, including Indonesia. The decreases in the Indonesian economy has made the performance of tax revenue has not been optimally. This study aims to analyze the effect of directors diversity, business strategy, sales growth on tax avoidance. This study is a descriptive and verification study with a quantitative approach. This study used all companies that are included in the healthcare sector and the telecommunications sector listed on the IDX as population. The sample in this study amounted to 80 companies with secondary data obtained from the IDX website and their respective company websites consisting of annual reports and financial statements for 2018-2021. The data analysis technique used is the PLS-SEM path equation model with SmartPLS 3.2.8. The results of the study found that: 1) the directors diversity have an effect on tax avoidance, while sales growth and business strategy have no effect on tax avoidance; 2) the directors diversity have an effect on business strategy; 3) business strategy and directors diversity have an effect on sales growth; 5) directors diversity have an effect on sales growth through business strategy; 6) directors diversity have not effect on tax avoidance through business strategy; 7) business strategy have not effect on tax avoidance through sales growth. This study has limitations in data, but compared to other studies, the results of this study are more updated and carried out in two different sectors than previous studies.
Risk Profile Analysis In Determining Profit Growth: Evidence From Selected Commercial Banks In Indonesia Achmad Nawawi; Disman Disman; Nugraha Nugraha; Ikaputera Waspada
JPEK: Jurnal Pendidikan Ekonomi dan Kewirausahaan Vol 7 No 1 (2023): JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan)
Publisher : Universitas Hamzanwadi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29408/jpek.v7i1.11652

Abstract

Financial Statement has a role to provide the information about the condition of the company. For the banking institution, the financial statement serve the information about the Non Performing Loan and Loan to Depositi Ratio as the measure of the rsik in banking industry. The aim of this study was to examine the effect of NPL (Non-Performing Loan) and LDR (Loan-to-Deposit Ratio) on profit growth in 10 bank companies during a 5-year research period. The study utilized quantitative data by using non probability sampling with random tehnique, utilizing the SPSS 21 program. The results revealed that NPL and LDR had a negative impact on profit growth. In other words, the higher the levels of NPL and LDR, the lower the profit growth will be. In conclusion, it is important for bank companies to pay attention to the level of NPL and LDR to enhance profit growth
Markowitz Portfolio Optimization Applied On Companies Listed On The Indonesia Stock Exchange LQ-45 Hadi Ahmad Sukardi; Maya Sari; Nugraha Nugraha; Imas Purnamasari
Ekono Insentif Vol 17 No 1 (2023): Ekono Insentif
Publisher : Lembaga Layanan Pendidikan Tinggi Wilayah IV

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36787/jei.v17i1.1109

Abstract

Optimisasi portofolio merupakan pendekatan yang sangat penting dalam pengelolaan investasi yang bertujuan untuk mencapai keseimbangan optimal antara risiko dan imbal hasil. Salah satu model optimisasi portofolio yang terkenal adalah Model Markowitz, yang dikembangkan oleh Harry Markowitz pada tahun 1952. Dalam artikel ini, kami menerapkan Model Markowitz pada perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia LQ-45, yang merupakan indeks yang mencakup 45 perusahaan terbaik di Indonesia. Tujuan dari penelitian ini adalah untuk mengidentifikasi portofolio yang optimal dengan tingkat risiko minimal atau tingkat pengembalian maksimal, berdasarkan data historis saham perusahaan-perusahaan yang terdaftar di LQ-45. Abstract Portfolio optimization is a very important approach in investment management that aims to achieve the optimal balance between risk and return. One of the well-known portfolio optimization models is the Markowitz Model, which was developed by Harry Markowitz in 1952. In this article, we apply the Markowitz Model to companies listed on the Indonesia Stock Exchange LQ-45, which is an index that includes 45 of the best companies in Indonesia. The objective of this study is to identify the optimal portfolio with minimal risk or maximum return, based on historical stock data of companies listed in LQ-45.
Evaluation of Digital Literacy and Training in Shaping Self-Efficacy towards Teachers' Digital Competence in High Schools Amilusholihah Amilusholihah; Nani Sutarni; Nugraha Nugraha; Endang Supardi; Susanti Kurniawati
Journal Evaluation in Education (JEE) Vol 6 No 4 (2025): October
Publisher : Cahaya Ilmu Cendekia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37251/jee.v6i4.1983

Abstract

Purpose of the study: This study aims to evaluate the role of digital literacy and training in shaping teachers' self-efficacy and in contributing to the development of digital competencies among high school teachers. Methodology: A quantitative research design was used, employing a correlational survey. Data were collected from 100 high school teachers in East Java through an online questionnaire. Structural Equation Modeling (SEM) analysis was performed using SmartPLS 4.0 software to evaluate measurement validity, structural paths, and mediation effects. Main Findings: Digital literacy, training, and self-efficacy have a significant, positive influence on teachers' digital competence. Both digital literacy and training also significantly influence teachers' self-efficacy, although the influence is relatively small. In addition, self-efficacy partially mediates the relationship between digital literacy and training in digital competence, underscoring its strategic role in improving teachers' ability to integrate technology into education. Novelty/Originality of this study: This study offers a new perspective by identifying self-efficacy as a psychological bridge between external support (training) and internal competency development. It enriches current knowledge by integrating personal belief systems into the digital competency framework and provides practical implications for designing more effective teacher professional development programs.
Moderation Study In the Influence of Neurotransmitters on Investment Bias in Female Investors in Indonesia Lena Lestary; Nugraha Nugraha; Maya Sari; Disman Disman; Erik SA
Journal Evaluation in Education (JEE) Vol 6 No 3 (2025): July
Publisher : Cahaya Ilmu Cendekia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37251/jee.v6i3.2022

Abstract

Purpose of the study: This study aims to meticulously explore the moderating effect of financial literacy on the influence of neurotransmitters on investment bias. As a pioneering effort in behavioral finance, this research highlights cognitive and psychological aspects of investors, focusing specifically on female investors, and represents the first study to integrate financial literacy as a moderating variable in the context of neurotransmitter effects. Methodology: A quantitative approach was employed, targeting female stock investors in Indonesia. Purposive sampling was used alongside a semantic differential scale. Data were collected through the distribution of closed-ended questionnaires, preceded by instrument testing and a pre-survey. A total of 581 respondents participated, and data were analyzed using Structural Equation Modeling (SEM) Main Findings: The main findings reveal that financial literacy negatively affects investment bias, indicating that greater financial knowledge tends to reduce behavioral bias. However, even financially literate individuals may still exhibit bias. Furthermore, neurotransmitter activity shows a significant positive effect on investment bias, suggesting that biological factors amplify biased decision-making. Importantly, financial literacy significantly moderates this relationship in a negative direction, meaning that higher levels of financial understanding weaken the influence of neurotransmitters on investment bias. Novelty/Originality of this study: This research contributes novel insights to the development of behavioral finance theory by introducing financial literacy as a moderating factor in the biological–psychological pathway influencing investment behavior. The practical implications highlight the critical role of financial education in reducing behavioral biases in investment decision-making, especially among female investors.
The Moderating Role of Green Budget Tagging on Budgeting Practices and Fiscal Policy Sustainability in Ghana’s Local Government Shaibu Awudu; Nugraha Nugraha; Chairul Furqon; Maya Sari; Ayu Krishna Yuliawati
Khazanah Sosial Vol. 7 No. 2 (2025): Khazanah Sosial
Publisher : UIN Sunan Gunung Djati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/ks.v7i2.39345

Abstract

This study investigates how green budget tagging moderates the relationship between Green Budgeting Practices and fiscal policy sustainability in Metropolitan, Municipal, and District Assemblies (MMDAs). Using a quantitative research approach and multiple regression analysis, the study examines how Green Budget Practices influence Fiscal Policy Sustainability. Key findings reveal that while Climate Change Adaptation and Mitigation, Waste Management, Renewable Energy Development, and Natural Resource Conservation positively impact Fiscal Policy Sustainability, Sustainable transport does not directly affect fiscal policy sustainability. Moreover, Green budget labelling interacts negatively with Budget Practices and Fiscal Policy Sustainability. Net impacts indicate that environmental issues still support fiscal policy sustainability. Policymakers must address the issue of how green budget labelling has inadvertently harmed significant environmentally sustainable activities, and diligently design and implement a green budget labelling framework that balances ecological objectives with economic prudence. To ensure that environmental initiatives do not inadvertently compromise fiscal sustainability, they should also enhance communication between the departments responsible for environmental and fiscal policy management. This study makes a significant contribution to the implications of green budget labelling in Ghana. It provides policymakers with critical information regarding the impact of green budgeting on fiscal policy and offers recommendations for its implementation. This research addresses a gap in the literature, contributes to the growing discourse on sustainable fiscal policies, and offers a practical framework for other local governments to emulate more effectively align their environmental issues and economic objectives.
The Mediating Role of Financial Performance on the Relationship between Capital Structure and ESG performance of Ghanaian Non-Financial Firms Philipina Ampomah; Denny Andriana; Nugraha Nugraha; Maya Sari; Francis Kortey Mac-Moqu
Integrated Journal of Business and Economics (IJBE) Vol 10, No 1 (2026): Integrated Journal of Business and Economics
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/ijbe.v10i1.1269

Abstract

This study empirically analyzes the mediating effect of financial performance on the relationship between capital structure and the ESG performance of listed non-financial firms in Ghana. Using panel data from 16 firms enlisted on the Ghana Stock Exchange from 2015 to 2024, the study adopts the random-effects model. The results show that (1) both debt and equity capital have a negative influence on ESG performance, corroborating the agency theory; (2) debt capital does not significantly influence financial performance, but equity capital positively influences financial performance, violating the Modigliani and Miller theory; and (3) financial performance has a positive influence on ESG performance, corroborating the resource-based view theory. Further analysis regarding the mediating effect shows that financial performance partially mediates the relationship between capital structure and ESG performance. The study emphasizes the need for managers to be cautious when choosing the optimal capital structure, bearing in mind that improved financial performance is one of the ways their capital structure decisions can enhance ESG performance. The novelty of this study lies in the development and validation of a mediation model of capital structure, financial performance, and ESG performance in a sub-Saharan African context, enhancing our understanding of corporate finance in underdeveloped capital markets.
Uji Beda Dampak Pandemi Covid 19: Pengaruh Pertumbuhan Aset, Profitabilitas, dan Struktur Modal terhadap Nilai Perusahaan Sub Sektor Restoran, Hotel & Pariwisata Syti Sarah Maesaroh; M Sandi Marta; Nugraha Nugraha; Maya Sari
Optimal: Jurnal Ekonomi dan Kewirausahaan Vol 14 No 2 (2020): Optimal: Jurnal Ekonomi dan Kewirausahaan
Publisher : Fakultas Ekonomi Universitas Islam 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33558/optimal.v14i2.3099

Abstract

Value is one of the important indicators in a company. This study aims to determine the faktors that affect firm value and analyze the effect of the Covid-19 pandemic on firm value in the restaurant, hotel, and tourism sub-sectors. Data analysis used multiple regression analysis through a quantitative descriptive approach. The company sample consists of restaurant, hotel, and tourism sub-sector companies listed on the IDX in 2019 and 2020. The variables observed include aset growth, profitability, capital structure, and firm value. Hypothesis testing was conducted to determine the effect of the independent variable on the dependent variable. The different test of the impact of the Covid-19 pandemic is intended to compare conditions before the pandemic and during the pandemic. The results show that aset growth, profitability, and capital structure have a significant simultaneous effect on firm value. However, partially, aset growth shows a negative effect on firm value. The different test shows that the profitability, capital structure, and company value before the pandemic is significantly different when compared to during the pandemic. This indicates that the pandemic has had a huge impact on the company.
Co-Authors Achmad Nawawi Ahmad Gunawan Amilusholihah Amilusholihah Andriana, Denny Asep Munawar Bayu Indra Setia Bayu Setia Chairul Furqon, Chairul Chew Chiou Sheng David Loh Er Fu Delina Herdian Septiani Disman Disman Endang Ruchiyat Endang Supardi Erik Alghifari Erik SA Erik Syawal Alghifari ERNAWATI Fadilah Ezlina Shahbudin Fany Oktaviani Francis Kortey Mac-Moqu Gusni Gusni Harjadi, Dikdik Heryana, Toni I Nyoman Sujana Ikaputera Waspada Imas Purnamasari In Min Indri Ferdiani Suarna Ira Valentina Silalahi Johan, Ahmad Khyrina Airin Fariza Abu Samah Komarudin, Munir Nur Krishna Yuliawati, Ayu Lena Lestary M Sandi Marta M. Malik Akbar Rohandi Maesaroh, Syti Sarah Marta, M Sandi Marwan Effendi Maya Sari Mayasari Mayasari Mirza Abdi Khairusy Muhammad Yusuf Mulyani, Heni Nani Sutarni Ningsih, Nurul Hutami Philipina Ampomah Putri Fariska Sugestie Shaibu Awudu Sriwardini Sriwardini Sukardi, Hadi Ahmad Suryana Susanti Kurniawati, Susanti Syaiful Bahri Tiar Lina Situngkir Tiar Lina Situngkir Yasir Maulana Yayat Supriyatna Yogi Suprayogi