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PENGARUH GOOD CORPORATE GOVERNANCE, STRUKTUR KEPEMILIKAN, DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN Wandari, Rosita; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 1 No. 3 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.3.07

Abstract

This research was conducted in light of Indonesia’s low score in good corporate governance application and cases of bad corporate governance in 2020. The unfavorable instances involved PT Jiwasraya and PT Asabri, insurance companies. This is ironic since financial industry is one of investor’s favorite sectors. The objective of this study is to assess and analyze the effect of good corporate governance, ownership structure, and firm age on the financial performance of financial-sector companies listed on the Indonesia Stock Exchange in the period of 2016-2020. Applying purposive sampling technique, 18 companies were selected as the sample. The data of this research was analyzed using multiple linear regression. This study finds that the size of board of commissioners, managerial ownership, and firm size positively and significantly influence financial performance, that institutional ownership negatively and significantly affects the performance, and that the proportion of board of commissioners, size of board of directors, and audit committee do not significantly influence it. In general, the dimensions of good corporate governance are not quite influential on financial performance, while ownership structure and firm size significantly affect the performance.
PENGARUH DINAMIKA BURSA SAHAM ASING DAN MAKROEKONOMI TERHADAP INDEKS HARGA SAHAM GABUNGAN BURSA EFEK INDONESIA Luthfiyah, Viviani; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 1 No. 4 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2022.01.4.05

Abstract

The purpose of this research is to identify the effects of the dynamics foreign stock exchange and macroeconomy on the composite stock price index of the Indonesia Stock Exchange. As macroeconomy consists of inflation, interest rate, exchange rate, and foreign exchange reserve, foreign stock exchange is observed form the stock price index of foreign countries as seen in their respective stock exchange during the period of 2016-2020. The IDX Composite fluctuates due to several factors such as macroeconomy and the economy of ASEAN countries. The population of this quantitative explanatory research is macroeconomic indicators and the composite stock price indices of ASEAN countries. Here secondary data consisting of monthly IDX Composite and monthly macroeconomic indicators released by Bank Indonesia in its website was used, which was then processed and descriptively analyzed in Statistical Product and Service Solution (SPSS). The results of the F-test indicate that simultaneous effects on the IDX Composite were found from each variable. Meanwhile, the results of the t test show that inflation, exchange rate, foreign exchange reserve, and the Philippine Stock Exchange (PSE) significantly affect the IDX Composite, while BI Rate, the Straits Times Index (STI), the Kuala Lumpur Stock Exchange.
Analisis Faktor-Faktor yang Mempengaruhi Profitabilitas Sitepu, Rafi Ashari; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 2 No. 1 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2023.02.1.06

Abstract

Return on assets (ROA) of Bank Sinarmas Sharia Business Unit has a low performance. This type of research is explanatory research (explanatory research). The collection of data used in this study is to use documentation techniques, namely the financial statements of the company PT. Bank Sinarmas Sharia Business Unit 2012 – 2021. The data analysis technique used in this study is the classical assumption test, multiple linear regression analysis, coefficient of determination, t test and F test. The results of this study indicate that the Capital Adequacy Ratio (CAR) has a positive effect and significant to the profitability of Bank Sinarmas Sharia Business Unit, Operating Expenses Operating Income (BOPO) has a negative and significant effect on the profitability of Bank Sinarmas Sharia Business Unit, Non-Performing Financing (NPF) has a negative and significant effect on the profitability of Bank Sinarmas Sharia Business Unit, Financing Deposit Ratio (FDR) has no significant effect on the profitability of Bank Sinarmas Sharia Business Unit. Capital Adequacy Ratio (CAR), Operating Expenses for Operating Income (BOPO), Non-Performing Financing (NPF), and Financing Deposit Ratio (FDR) significantly affect the profitability of the Bank. Sinarmas Sharia Business Unit.   Abstrak Return on asset (ROA) Bank Sinarmas Unit Usaha Syariah memiliki kinerja yang rendah. Jenis penelitian ini adalah explanatory research (penelitian penjelasan). Pengumpulan data yang digunakan pada penelitian ini adalah menggunakan teknik dokumentasi, yaitu laporan keuangan perusahaan PT. Bank Sinarmas Unit Usaha Syariah Tahun 2012 – 2021. Teknik analisis data yang digunakan pada penelitian ini adalah uji asumsi klasik, analisis regresi linier berganda, koefisien determinasi, uji t dan uji F. Hasil penelitian ini menunjukkan bahwa Capital Adequacy Ratio (CAR) berpengaruh positif dan signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah, Beban Operasional Pendapatan Operasional (BOPO) berpengaruh negatif dan signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah, Non Performing Financing (NPF) berpengaruh negatif dan signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah, Financing Deposit Ratio (FDR) tidak berpengaruh signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah. Capital Adequacy Ratio (CAR), Beban Operasional Pendapatan Operasional (BOPO), Non Performing Financing (NPF), dan Financing Deposit Ratio (FDR) berpengaruh secara signifikan terhadap profitabilitas Bank Sinarmas Unit Usaha Syariah.
Pengaruh Profitabilitas Terhadap Harga Saham Yusuf, Dimas Maulana; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 2 No. 2 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2023.02.2.06

Abstract

Stock prices are an important for manufacturing companies that have gone public, especially those in the cigarette sub-sector, as they can reflect their performance. Measuring firm performance can be done using several financial ratios such as ROA, ROE, EPS, and NPM. The objective of this research is to identify the effects of ROA, ROE, EPS, and NPM on stock prices. The objects are cigarette sub-sector companies listed on the Indonesia Stock Exchange (IDX). This sub-sector was selected due to its contribution to the national economy beside to the fact that the government keeps increasing cigarette excise every year to reduce cigarette consumption by the public. The sample of this explanatory research was selected using purposive sampling technique, while the data was analyzed using multiple linear regression. The results of the analysis have led to findings that ROA, ROE, and NPM has no effect on stock prices and that EPS positively and significantly influences them.   Abstrak Harga saham berperan penting bagi perusahaan manufaktur yang sudah go public terutama dalam perusahaan sub sektor rokok karena harga saham dapat mencerminkan kinerja dari perusahaan. Untuk mengukur kinerja perusahaan bisa digunakan beberapa rasio keuangan diantaranya mempergunakan ROA, ROE, EPS, dan NPM. Penelitian ini bermaksud untuk melihat pengaruh ROA, ROE, EPS, dan NPM terhadap harga saham. Objek penelitian ini yakni di perusahaan sub sektor rokok yang tercatat di Bursa Efek Indonesia (BEI). Dipilihnya sub sektor rokok sebagai objek penelitian sebab kontribusinya yang signifikan terhadap perekonomian nasional namun pemerintah setiap tahunnya selalu menaikan tarif cukai rokok dengan salah satu tujuannya untuk menekan angka konsumsi rokok dimasyarakat. Jenis Penelitian ini termasuk dalam jenis penelitian explanatory reaserch, sedangkan pengambilan sampel mempergunakan tehnik purposive sampling. Untuk menganalisis data penelitian ini mempergunakan uji regresi linear berganda. Berlandaskan hasil analisis bisa disimpulkan bahwasanya variabel ROA, ROE, dan NPM tidak mempengaruhi harga saham. Sementara variabel EPS berpengaruh signifikan dengan arah positif terhadap harga saham.
Pengaruh Keputusan Investasi, Kebijakan Dividen, dan Kebijakan Hutang Terhadap Nilai Perusahaan Abrian, Gusti Awang; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 2 No. 3 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2023.02.3.07

Abstract

This research aims to determine the effect of investment decisions, dividend policies and debt policies partially and simultaneously on firm value. This type of research uses explanatory research methods by explaining the causal relationship between variables through hypothesis testing. This study took a sample of 20 companies using a purposive sampling technique which has the characteristics of manufacturing companies listed on the IDX consecutively for the 2020-2022 period, their financial statements are reported on an ongoing basis, and the company has experienced no losses during the 2020-2022 period. This study used the SPSS computer program test tool. From this study it can be concluded that investment decisions do not have a significant direct effect on firm value. Likewise, the debt policy does not have a significant effect on firm value. Meanwhile, dividend policy has a direct and significant effect on firm value.     Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh keputusan investasi, kebijakan dividen dan kebijakan hutang secara parsial dan simultan terhadap nilai perusahaan. Jenis penelitian ini menggunakan metode explanatory research dengan menjelaskan hubungan kausal antara variabel – variabel melalui pengujian hipotesis. Penelitian ini mengambil sampel sebanyak 20 sampel perusahaan dengan menggunakan teknik purposive sampling yang memiliki karakteristik perusahaan manufaktur yang terdaftar di BEI secara berturut-turut untuk periode 2020-2022, laporan keuangannya dilaporkan secara berkelanjutan, dan perusahaan tidak mengalmai kerugian selama periode 2020-2022. Penelitian ini menggunakan alat uji program komputer SPSS. Dari penelitian ini dapat disimpulkan bahwa keputusan investasi tidak memiliki pengaruh langsung secara signifikan terhadap nilai perusahaan. Begitu juga dengan kebijakan hutang tidak memiliki pengaruh signifikan terhadap nilai perusahaan. Sedangkan kebijakan dividen memiliki pengaruh langsung secara signifikan terhadap nilai perusahaan.
Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas Perusahaan Nabella, Efryca Ayu; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 3 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2024.03.2.03

Abstract

The importance of working capital management is observable from its role of measuring success and increasing profits. The objective of this research is to identify the effects of working capital management on the profitability of food-and-beverage companies listed on the Indonesia Stock Exchange during the 2018-2022 period. The working capital was measured using inventory conversion period, average collection period, and payables deferral period, while the profitability was measures using return on assets. Using saturated sampling, all 20 companies were included as the sample. The data was analyzed using multiple linear regression in SPSS version 27. This study finds that inventory conversion period, average collection period, and payables deferral period simultaneously have significant effects on the companies’ return on assets. In partial, only does payables deferral period positively and significantly influence the return on assets. This means that the longer the payables deferral period, the higher the profitability because the companies can use the available find to invest in other sectors to increase the chance of attaining a higher profitability. Further, inventory conversion period and average collection period do not significantly influence return on assets. This is an indication that there is no correlation between the duration or the swiftness of inventory conversion period and average collection period and the companies’ profitability.   Abstrak Pentingnya manajemen modal kerja dapat dilihat dari peranannya untuk mengukur keberhasilan dalam meningkatkan laba. Penelitian ini, bertujuan untuk mengetahui pengaruh manajemen modal kerja terhadap profitabilitas perusahaan-perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia tahun 2018-2022. Modal kerja diukur menggunakan periode konversi persediaan, periode penerimaan rata-rata, dan periode penangguhan utang, sedangkan profitabilitas diukur dengan Return on Asset. Pengambilan sampel dilakukan dengan teknik sampel jenuh, sehingga didapatkan sampel berjumlah 20 perusahaan. Data diolah dengan menggunakan metode analisis regresi liner berganda menggunakan SPSS versi 27. Hasil penelitian menunjukkan bahwa periode persediaan, periode penerimaan rata-rata, dan periode penangguhan utang berpengaruh signifikan secara simultan terhadap Return on Asset perusahaan. Secara parsial, hanya periode penangguhan utang yang memiliki pengaruh signifikan positif terhadap Return on Asset. Artinya, semakin lama periode penangguhan utang dapat meningkatkan profitabilitas, karena perusahaan dapat menggunakan dana yang tersedia untuk berinvestasi di sektor lain terlebih dahulu untuk memperbesar peluang dalam mencapai profitabilitas yang lebih tinggi. Periode konversi persediaan dan periode penerimaan rata-rata tidak berpengaruh signifikan terhadap Return on Asset. Hal ini berarti tidak ada korelasi antara durasi atau kecepatan periode konversi persediaan dan penerimaan rata-rata dengan tingkat profitabilitas perusahaan.
Pembinaan Sosial Media Marketing di Niki Kerupuk Tuna Kota Malang Wahdiyat Moko; Atim Djazuli; Muhammad Daffa Imtiyaz; Muhammad Venus; Riza Rabbani; Maya Faridhotul Aini; M. Zuhri Ramadhani Abanan
Jurnal Pengabdian kepada Masyarakat Nusantara Vol. 6 No. 1.1 (2024): Jurnal Pengabdian kepada Masyarakat Nusantara (JPkMN) SPECIAL ISSUE
Publisher : Cv. Utility Project Solution

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

Abstract

Dalam era digital yang semakin kompetitif, pelaku Usaha Mikro, Kecil, dan Menengah (UMKM) di Indonesia, termasuk di Kota Malang, menghadapi tantangan besar dalam mempertahankan dan meningkatkan daya saing bisnis mereka. Di antara tantangan tersebut, keterbatasan dalam pemahaman dan penerapan digital marketing menjadi salah satu faktor penghambat utama dalam mendorong pertumbuhan dan ekspansi bisnis. Pengabdian kepada masyarakat ini bertujuan untuk mengatasi kesenjangan tersebut melalui pelatihan yang komprehensif, mencakup strategi digital marketing dan analisis media sosial, yang dirancang khusus untuk pelaku UMKM di bidang olahan makanan kerupuk ringan. Dengan memanfaatkan media sosial sebagai platform pemasaran yang efektif, UMKM dapat meningkatkan eksposur produk mereka secara signifikan dan menjangkau pasar yang lebih luas. Urgensi pelatihan ini didasarkan pada kebutuhan mendesak untuk membekali pelaku UMKM dengan keterampilan digital yang relevan, guna memperkuat posisi mereka di pasar dan memastikan keberlanjutan bisnis di tengah persaingan global. Hasil dari pengabdian ini menunjukkan peningkatan yang nyata dalam kapasitas digital peserta, yang berimplikasi pada penguatan strategi bisnis mereka dan peningkatan kinerja usaha.
Pengaruh Likuiditas, Aktivitas, Dan Solvabilitas Terhadap Pertumbuhan Laba Atika, Nurul; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 3 No. 4 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2024.03.4.03

Abstract

The aim of this research is to examine the effect of liquidity, activity and solvency ratios on profit growth in the property and real estate sub-sector listed on the Indonesia Stock Exchange. Using saturated sampling, which uses 12 samples from 12 populations taken according to specified criteria. The analytical tool used is multiple linear regression using SPSS. The independent variables used are liquidity ratio which is measured by current ratio, activity ratio measured by total asset turnover, and solvency ratio measured by debt to equity ratio. Meanwhile, the dependent variable used in this research is profit growth. The results found in this research are that the activity ratio has a positive influence on profit growth, the solvency ratio has a negative influence on profit growth, while the liquidity ratio has no influence on profit growth.   Abstrak Penelitian ini bertujuan untuk melihat pengaruh rasio likuiditas, aktivitas, dan solvabilitas terhadap pertumbuhan laba pada sub sektor property dan real estate yang terdaftar di Bursa Efek Indonesia. Menggunakan saturated sampling, dimana dari menggunakan 12 sampel dari 12 populasi yang diambil sesuai dengan kriteria yang ditentukan. Alat analisis yang digunakan adalah regresi linear berganda dengan menggunakan SPSS. Variabel bebas yang digunakan adalah rasio likuiditas yang diukur dengan current ratio, rasio aktivitas yang diukur dengan total asset turnover, dan rasio solvabilitas yang diukur dengan debt to equity ratio. Sedangkan, variabel terikat yang digunakan dalam penelitian ini adalah pertumbuhan laba. Hasil yang ditemukan pada penelitian ini adalah rasio aktivitas memiliki pengaruh positif terhadap pertumbuhan laba, rasio solvabilitas memiliki pengaruh negatif terhadap pertumbuhan laba, sedangkan rasio likuiditas tidak memiliki pengaruh terhadap pertumbuhan laba.
Reaksi Pasar Modal Indonesia Terhadap Perdagangan Perdana Bursa Karbon Indonesia Najubah, Zian; Djazuli, Atim
Jurnal Management Risiko dan Keuangan Vol. 3 No. 3 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2024.03.3.03

Abstract

The objective of this research is to assess and analyze the reaction of the capital market to the initial trading of carbon exchange, which is measured using abnormal return, cumulative abnormal return, dan trading volume activity, before and after the event. This event study assesses the impact of an event on stock prices. The research period is fifteen working days, i.e. seven days before, one day during, and seven days after the initial carbon trading. Using purposive sampling, six companies consisting of forestry industry, paper, and renewable energy firms listed on the Indonesia Stock Exchange were selected as the sample. The incorporated methods are Wilcoxon signed-rank test and paired sample t-test before and after the event. This study finds that the average abnormal returns before and after the initial carbon trading are not different, that the cumulative average abnormal returns before and after the event are different, and that the average trading volumes before and after the carbon trading are not different.   Abstrak Penelitian ini memiliki tujuan untuk menguji dan menganalisis reaksi pasar modal terhadap perdagangan perdana bursa karbon yang diukur melalui variabel indikator abnormal return, cumulative abnormal return, dan trading volume activity pada sebelum dan sesudah peristiwa. Jenis penelitian yang digunakan adalah studi peristiwa untuk menilai dampak dari suatu peristiwa terhadap harga saham. Periode penelitian yang digunakan adalah 15 hari kerja Bursa Efek Indonesia yang terdiri dari 7 hari sebelum, 1 hari event date, dan 7 hari sesudah perdagangan perdana bursa karbon. Penelitian ini menggunakan teknik purposive sampling sehingga didapatkan 6 sampel perusahaan industri perhutanan, kertas, dan energi terbarukan yang terdaftar di Bursa Efek Indonesia. Metode penelitian yang digunakan adalah uji beda wilcoxon signed rank test dan paired sample t-test pada sebelum dan sesudah peristiwa. Hasil dari penelitian ini adalah variabel average abnormal return pada sebelum dan sesudah perdagangan perdana bursa karbon tidak memiliki perbedaan. Sedangkan, variabel cumulative average abnormal return pada sebelum dan sesudah perdagangan perdana bursa karbon memiliki perbedaan. Kemudian, variabel average trading volume activity tidak memiliki perbedaan pada sebelum dan sesudah perdagangan perdana bursa karbon.
VALUE-ADDED CREATION IN FINANCIAL PERSPECTIVE BY COLLABORATION OF INTELLECTUAL CAPITAL AND CORPORATE POLICY Iswari, Hanif Rani; Salim, Ubud; Djazuli, Atim
Jurnal Aplikasi Manajemen Vol. 17 No. 4 (2019)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2019.017.04.20

Abstract

This study aimed to analyse and test the creation of optimisation value-added by intellectual capital that collaborates with company policies in the property and real estate sector companies listed on the Indonesia Stock Exchange. The sampling method uses purposive sampling and obtained sample of 15 companies. This study uses path analysis. Intellectual capital is measured by Value Added Intellectual Coefficient (VAIC); Funding decisions are measured by Debt to Equity Ratio (DER); Dividend decisions are measured by Dividend Payout Ratio (DPR); Investment decisions are measured using a combined Investment Opportunity Set (IOS). The value of the firm is measured using Tobin's Q, and the financial performance is measured using Return on Assets (ROA). The results of this study conclude that intellectual capital can improve financial performance but reduce the value of the firm. Funding decisions and dividend decisions reduce financial performance, but investment decisions improve financial performance. Only dividend decisions can increase value of the firm, while investment decisions reduce value of the firm. Even funding decisions do not affect value of the firm. Financial performance has not been able to mediate the flow of value-added creation. From the results of the study, the flow of creating value-added from intellectual capital supported by company policy through the financial performance in property and real estate companies has not been able to increase value of the firm optimally.
Co-Authors . Djumahir . Djumahir Abrian Amir Rahman Abrian, Gusti Awang AINUR ROFIQ Arifin Sabeni Aster Indah Widowati Aster Indah Widowati Atika, Nurul Bambang Subroto Cicik Retno Wati Dedi Suselo Defin Shahrial Putra Deni, Febrianto Frans Dessy Handa Sari Dian Meithasari Djawahir, Helmy Djumahir A Djumahir Djumahir Ericson M Erlin Yulia Rahma Erlin Yulia Rahma Eva Dwi Astutik Fabio Putra Wijaya Fadhila, Wildan Fani Wahyu Utomo Feryal Agizha H.M. HARRY - SUSANTO H.M. HARRY - SUSANTO Hanif Rani Iswari Helmy Djawahir Herdina, Ajeng Mira Himmiyatul Amanah Jiwa Juwita Himmiyatul Amanah Jiwa Juwita Ignatia Thomasita Bau Mau Kusuma Ratnawati Laili, Choirun Nisful Laksmi Swastika Wardhani Lutfi aji Luthfiyah, Viviani M Taufik Akbar M. Syafi’ie - Idrus M. Syafi’ie - Idrus M. Zuhri Ramadhani Abanan Made Sudarma Mau, Ignatia Thomasita Bau Maya Faridhotul Aini Mila Diana Sari, Mila Diana Mohammad Reza Muhammad Daffa Imtiyaz Muhammad Husnul Hilal Muhammad Venus Nabella, Efryca Ayu Najubah, Zian Nawianto, Syaifurridzal Nindya Gitaya Nur Khusniyah Indrawati Odi Al Kautsar P., Moeljadi Pristia Hanum Ramadhani Puji Astutik Raisa Fitri RIKI RIKI, RIKI Risma Pratiwi Risna Wijayanti Riyan Pinasti Rahajeng Riza Rabbani Rofiaty, Rofiaty Roni, Hamam S.M. Kiptiyah - - Safina Syabani Aisyah SELLYNDAH PRIMADANI PUTRI Shevanda Febrilia Tamara Sihombing, Ruth Vrinida Sitepu, Rafi Ashari Siti Aisjah SLAMAT HARIJONO ARITONANG Sri Dewi Yusuf Sri Palupi Prabandari Sumarsono Sumarsono Surachman Surachman Suselo, Dedi Tomas Setya Wahyu Budi Ubud Salim Vincentius Christianto Wahdiyat Moko Wahdiyat Moko Wandari, Rosita Wati, Cicik Retno Wildan Fadhila Yovita Leyla Pradipta Yulianti - - Yunita Castelia Arisadi Yusuf, Dimas Maulana