Claim Missing Document
Check
Articles

Found 19 Documents
Search

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.
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.
Analisis Bibliometrik Struktur Modal pada UKM: Perkembangan dan Arah Riset Imanirrahma Salsabil; Maya Sari
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 4 No. 6 (2023): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v4i6.3720

Abstract

Di perusahaan, struktur modal merupakan salah satu faktor penting yang dapat menentukan kondisi keuangan dan pertumbuhan. Penelitian mengenai struktur modal di UKM telah mendapat perhatian dalam beberapa tahun ke belakang. Tujuan penelitian ini adalah untuk menganalisis perkembangan penelitian mengenai struktur modal di UKM dengan melihat tren publikasi, topik pembahasan, subject area, dan beberapa aspek lainnya untuk memberikan arah penelitian ke depan pada topik ini. Metode penelitian ini dilakukan dengan analisis bibliometrik melalui 516 artikel yang diambil dari database Scopus sejak tahun 1979-2023. Data yang diperoleh dianalisis menggunakan analisis deskriptif, analisis author influence dan sitasi, serta analisis konten menggunakan software VosViewer dan Publish or Perish. Hasil penelitian ini menunjukkan tren penelitian pada struktur modal di UKM, seperti perkembangan publikasi, penulis dan artikel yang paling influential, analisis sitasi, key concept, kata kunci, hingga lensa teori yang digunakan oleh peneliti, sehingga dapat memberi rekomendasi untuk penelitian selanjutnya.
Pemetaan Lanskap Teori Sinyal Dalam Kewirswastaan: Perspektif Bibliometrik Kania Widyatami; Maya Sari
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 1 (2023): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i1.8511

Abstract

Penelitian mengenai teori sinyal dalam konteks kewiraswastaan telah mengalami perkembangan hingga mengaburkan pemahaman mengenai bidang ini. Dengan demikian, analisis bibliometrik dilakukan untuk memecahkan masalah tersebut. Penelitian ini memanfaatkan basis data Scopus tahun 1995–2022. Data yang didapat kemudian dianalisis menggunakan paket “bibliometrix” dari R software dan aplikasi Publish or Perish. Hasil penelitian ini menyoroti tren publikasi yang ada sekaligus intellectual structure yang dapat memberi petunjuk mengenai masa lalu bidang, knowledge structure yang memberi petunjuk mengenai masa kini, dan thematic structure yang memberi petunjuk mengenai arah penelitian di masa depan. Kata Kunci: Teori Sinyal, Analisis Bibliometrik
Evaluation of the effect of financial literacy (financial awareness, financial capability and financial behavior) on investment decisions in micro, small and medium enterprises (MSMEs) in indonesia Dadan Sumantri; Radiyul Fahmi; Maya Sari
Jurnal Mantik Vol. 7 No. 4 (2024): February: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v7i4.4519

Abstract

Especially when it comes to Micro, Small, and Medium-Sized Enterprises (MSMEs) in Indonesia, financial literacy is crucial in guiding investment decisions. In this quantitative study, the relationship between MSME owners' and managers' investment decisions and the elements of financial literacy—financial knowledge, financial competence, and financial behavior—is examined. Data from the survey were analysed using Structural Equation Modelling with Partial Least Squares (SEM-PLS), and 164 respondents made up the sample. The results demonstrate that investing decisions are influenced by a combination of financial behaviour, financial competence, and financial awareness. Specifically, more informed, strategic, and cautious investing choices are linked to better financial literacy levels. The findings of this study demonstrate how crucial it is to raise financial literacy among Indonesia's MSMEs in order to foster competitiveness and economic growth. For practitioners, policymakers, and business owners who wish to equip MSMEs with the financial literacy and decision-making abilities necessary for wise investment choices, this study offers insightful information
THE ROLE OF BIG DATA IN IMPROVING MARKET MICROSTRUCTURE EFFICIENCY: A LITERATURE REVIEW Fairuz Rifqi Abdurahman; Maya Sari
Jurnal Ekonomi Vol. 12 No. 04 (2023): Jurnal Ekonomi, 2023
Publisher : SEAN Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The development of information and communication technology has resulted in an unprecedented explosion of data, known as Big Data. This phenomenon has influenced various aspects of the economy, including Market Microstructure, which is a highly detailed study of the behavior and structure of financial markets. Big Data has enabled market researchers and practitioners to improve the efficiency of Market Microstructure in an unprecedented way. This study utilizes the literature review method to investigate the role of Big Data in improving Market Microstructure efficiency. The results of the literature review show that Big Data has the potential to change the Market Microstructure landscape in several key ways. First, Big Data enables more sophisticated and real-time market monitoring, allowing for faster and more accurate decision-making. Second, Big Data can be used to analyze larger and more complex market data, which can reveal patterns and trends that were previously difficult to discover. Thirdly, Big Data enables the development of better predictive models to forecast price movements and market liquidity. In addition, the literature review also revealed challenges and issues associated with the use of Big Data in Market Microstructure, including data privacy and security concerns, as well as difficulties in managing and analyzing massive and diverse data. Therefore, the use of Big Data in Market Microstructure requires careful attention to ethical and regulatory aspects. In order to improve the efficiency of the Market Microstructure, Big Data has opened up exciting new opportunities, but also presents challenges that need to be addressed. With the right approach, Big Data can provide valuable insights and improve our understanding of financial market behavior, which in turn can improve market efficiency and benefit stakeholders in the financial markets.
Board Gender Diversity and Financial Stability: The Moderating Effect of Board Independence Godwin Ahiase; N Nugraha; Maya Sari; Denny Andriana; Percy Chris Kpodo; Philipina Ampomah
Jurnal ASET (Akuntansi Riset) Vol 16, No 1 (2024): JURNAL ASET (AKUNTANSI RISET) JANUARI-JUNI 2024
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jaset.v16i1.67166

Abstract

This study examines the effect of board independence on the relationship between board gender diversity and financial stability in emerging African countries. A causal research design is employed, using data from 190 listed firms in nine emerging African economies covering 2012 to 2022. The study utilizes the two-step dynamic generalized moment method for data analysis. The findings reveal a significant relationship between board independence, financial stability, and gender diversity. The study underscores the importance of having a gender-inclusive board composition to enhance the resilience of companies operating in Africa. It also emphasizes the significance of board independence and effective board operations in promoting financial stability. The theory and practical implications are provided for policymakers and firm managers to enhance the financial stability of firms in emerging African economies. The study examines the combined relationship between board independence and gender diversity, highlighting the benefits of fostering independent and inclusive governance structures. The study contributes to academic discourse and establishes a strategic plan to foster sustainable development and stability in the corporate sector of emerging economies.
The Effect of Mergers and Acquisitions on the Financial Performance Companies listed on the Indonesia Stock Exchange for the 2020-2022 period Nadya Salsabila; Maya Sari
Jurnal Syntax Admiration Vol. 5 No. 10 (2024): Jurnal Syntax Admiration
Publisher : Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46799/jsa.v5i10.1663

Abstract

This research aims to determine the effect of mergers and acquisitions on company financial performance in companies listed on the Indonesia Stock Exchange. The data collection method used in this research is a purposive sampling technique, based on existing criteria, there are 30 sample companies. The company's financial performance is measured using financial ratios, namely: Return On Assets (ROA), Current Ratio (CR) and Debt To Asset Ratio (DAR). The analytical method used in this research is the T-test difference analysis and the Wilcoxon signed rank test. The research results show that companies that carry out mergers and acquisitions in 2020-2022 with an average period of 1 year before and 1 year after the merger and acquisition show that there is no difference in profitability as indicated by Return On Assets (ROA), liquidity as indicated by Current Ratio (CR), solvency shown by Debt To Asset Ratio (DAR), before and after mergers and acquisitions. This research was conducted incompanies that carry out mergers and acquisitions in 2020-2022 and are listed on the Indonesian Stock Exchange. This study provides an in-depth understanding of how mergers and acquisitions affect the financial performance of companies in the Indonesian capital market. Therefore, stakeholders such as investors, company managers, regulators and academics can gain a better understanding of the impact of merger and acquisition activities on the Indonesian economy. There has been no research regarding the effect of mergers and acquisitions on financial performance in the 2020-2022 period in Indonesia. This knowledge gap is the reason for conducting this research.
FISCAL AUTONOMY AND REVENUE GROWTH: THE IMPORTANCE OF SPATIAL CONTEXT IN LOCAL GOVERNMENT REFORM Edem Lekettey; Nugraha Nugraha; Maya Sari; Denny Andriana
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 2 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v6i2.4977

Abstract

This study examines the revenue growth performance of Ghana's Metropolitan, Municipal, and District Assemblies (MMDAs) and explores the moderating influence of population density on the relationship between financial autonomy and revenue growth. This study analyzes the impact of institutional capability and spatial context on subnational fiscal performance in the context of Ghana's decentralization, based on fiscal federalism and institutional theory. Auditor-General's Reports and the Ghana Statistical Service provided data on 261 MMDAs from 2018 to 2023. Stata 18 and R 4.3 were used for fixed-effects estimation, the system generalized method of moments (GMM), robustness testing, and moderation analysis using Hayes' PROCESS Model 1. The results indicate that financial autonomy substantially improved subnational revenue growth (β = 0.0036, p < 0.001). Population density did not significantly reduce this association (β = -0.0031, p = 0.108). Further analysis indicates that the fiscal benefits of autonomy are more pronounced in low-density assemblies, suggesting that institutional and administrative efficiencies play a more critical role in fiscal performance than population size. The findings indicate that decentralization reforms should prioritize improving governance quality, institutional discipline, and fiscal accountability, rather than demographic or spatial considerations. This study represents the first application of moderated panel models to 261 Ghanaian MMDAs, demonstrating that institutional strength, rather than population density, serves as the principal determinant of fiscal benefits from autonomy in developing countries. This finding contributes to the discussion on fiscal federalism and institutional theories.