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All Journal Equilibrium Logika : Jurnal Penelitian Universitas Kuningan Jurnal Akuntansi dan Pajak Widya Cipta : Jurnal Sekretari dan Manajemen Perspektif : Jurnal Ekonomi dan Manajemen Universitas Bina Sarana Informatika IJBE (Integrated Journal of Business and Economics) Indonesian Journal of Strategic Management Jurnal Riset Keuangan dan Akuntansi (JRKA) ABDIMAS SILIWANGI JURISMA: Jurnal Riset Bisnis & Manajemen JIKA: Jurnal Ilmu Keuangan dan Perbankan Indonesian Journal Of Business And Economics JESI (Jurnal Ekonomi Syariah Indonesia) AKURASI: Jurnal Riset Akuntansi dan Keuangan EconBank : Journal Economics and Banking International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Manajemen dan Bisnis Baja (JUMANIS BAJA) Reswara: Jurnal Pengabdian Kepada Masyarakat BERNAS: Jurnal Pengabdian Kepada Masyarakat Bisnis Net : Jurnal Ekonomi dan Bisnis Jurnal Riset Ilmu Ekonomi Jurnal Abdimas Bina Bangsa Asian Management and Business Review Journal Of Human And Education (JAHE) Jurnal Manajemen dan Kewirausahaan International Journal Administration, Business & Organization Worksheet : Jurnal Akuntansi Eastasouth Journal of Positive Community Services JURNAL PENGABDIAN KEPADA MASYARAKAT (ADI DHARMA) Jurnal Bisnis dan Manajemen West Science Jurnal Bisnis Corporate E-Prosiding Seminar Nasional Manajemen dan Akuntansi STIE Semarang (SENMAS) Bhinneka Tunggal Ika: Jurnal Pengabdian Kepada Masyarakat DIGIBE: Digital Business and Entrepreneurship Journal Akurasi ABDI DALEM: Jurnal Pengabdian Kepada Masyarakat Widya Cipta : Jurnal Sekretari dan Manajemen INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Al-Amwal: Jurnal Ekonomi dan Perbankan Syariah
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Peramalan Harga Saham dengan Brownian Motion Maulana, Yasir; Wiharno, Herma
Indonesian Journal of Strategic Management Vol. 7 No. 1 (2024): Indonesian Journal of Strategic Management
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/ijsm.v7i1.9529

Abstract

In financial markets modelling, especially stock markets, Brownian Motion plays an important role in building a statistical model. One of the most important concepts in building such financial models is to understand geometric Brownian motion, which is a special case of the Brownian Motion Process. PT. Petrindo Jaya Kreasi, Tbk (CUAN) is a holding company whose business is in the mineral mining and energy sectors. The share prices in this study are based on daily data on the Closing Price of PT shares. Petrindo Jaya Kreasi, Tbk for the period 15 January 2024 to 29 February 2024. The Brown Motion parameter estimation model with P0 = 13,425 obtained µ = -0.021116964, the value of σ = 0.07803483 and σ² = 0.006089435. Based on the model formed, it is necessary to calculate the level of accuracy using the Mean Absolute Percentage Error (MAPE). From the calculation results, the MAPE value is found to be in the range of 21%-50%, namely 22.3%. So it can be concluded that the resulting average error deviation shows the usual level of forecasting accuracy.
The Effect of Profitability, Leverage and Inflation on Stock Returns Maulana, Yasir; Nurhumaira, Nadhifa; Hidayat, Yusuf Murtadlo
Indonesian Journal of Strategic Management Vol. 8 No. 1 (2025): Indonesian Journal of Strategic Management
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/ijsm.v8i1.11346

Abstract

This research was conducted at Building Construction Sub-Sector Companies Listed on the Indonesia Stock Exchange for the 2017-2021 period. The purpose of this study was to determine the effect of profitability, leverage and inflation on stock returns. The sample in this study were 8 Building Construction Sub-Sector Companies Listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period, this research method uses descriptive and verification methods. Profitability, leverage and inflation variables as independent variables and stock returns as the dependent variable. Data were analyzed using Eviews 9.0. Based on the results of the F test, profitability, leverage and inflation simultaneously affect stock returns. The results of the t test show that profitability (ROA) has a positive and significant effect on stock returns, leverage (DER) has an insignificant positive effect on stock returns, inflation has a negative and insignificant effect on stock returns
ANALISIS BIBLIOMETRIK INTEGRASI FAKTOR KEBERLANJUTAN DALAM MODEL FAMA-FRENCH Maulana, Yasir
Worksheet : Jurnal Akuntansi Vol 5, No 1 (2025)
Publisher : UNIVERSITAS DHARMAWANGSA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46576/wjs.v5i1.7725

Abstract

The Fama-French model has long served as a fundamental framework for explaining variations in stock returns through market risk, firm size, and book-to-market ratio factors, later expanded to include profitability and investment components. However, the growing urgency of sustainability issues in the global financial system calls for the adaptation of asset pricing models to reflect environmental, social, and governance (ESG) dimensions. This study aims to map the scientific development of sustainability integration within the Fama–French model using a bibliometric approach. Data were collected from the Scopus database using the keywords “Fama–French” and “Sustainability/ESG” for the 2000–2024 publication period. The analysis was conducted using VOSviewer and Biblioshiny to identify publication trends, author collaboration, influential journals, and thematic clusters. The findings indicate a significant increase in publications since 2016, with dominant themes including sustainable asset pricing, ESG performance, and risk-adjusted returns. Integrating ESG factors enhances the multifactor model by incorporating non-financial risk dimensions that influence long-term returns. This study contributes to strengthening the body of knowledge in sustainable finance and provides direction for future research on developing asset pricing models that are more inclusive, resilient, and responsive to global sustainability challenges.
Evaluating the Predictive Power of the Fama-French Three-Factor Model in Islamic Capital Markets: Evidence from JII70 Stocks Yasir Maulana; Munir Nur Komarudin; Nurul Siti Jahidah; Herma Wiharno
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 3 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(3).260-276

Abstract

Introduction: Stock returns are a crucial aspect on forming portfolio investing. For investors, they serve as an indicator for measuring the level of profit or loss generated from an investment over a specific period. The purpose is to examine the applicability of the Fama-French Three-Factor Model in predicting excess returns for Jakarta Islamic Index (JII70) stocks within a Sharia-compliant equity universe.Method: We analyze JII70 stocks for the period 2019-2023. The Factors included are market risk premium, firm size proxied by SMB, and book-to-market proxied by HML. Building a portfolio, SMB, and HML, and analyzing it with data panel regression. After the portfolio was built, the factor analysis was conducted by ordinary least squares regression using risk, size, and book-to-market factors on Fama-French Model.Results: The results reveal that only the book-to-market factor (HML) consistently and significantly influences excess stock returns. In contrast, the market risk premium and size factor do not show meaningful effects across the sample. These findings indicate that value-related characteristics still play a role in Islamic stock pricing, whereas risk and size dimensions may behave differently due to Sharia screening.Conclusion: The model's predictive power is weak in Islamic markets, implying the need for additional factors. Suggests refinement of Islamic asset pricing frameworks. Investors and portfolio managers in Indonesia's Islamic capital market should integrate additional factors such as momentum, liquidity, or ESG to enhance predictive accuracy. The unique characteristics of Sharia-compliant stocks necessitate tailored asset pricing models, while regulators can use these insights to refine Sharia index methodologies.
Menumbuhkan Ekonomi Kerakyatan dari Desa: Strategi Pemasaran Digital UMKM Babatan Melalui Landing Page Whatsapp Nurul Siti Jahidah; Yasir Maulana; Fauziyah Adzimatinur
Eastasouth Journal of Positive Community Services Vol 4 No 02 (2026): Eastasouth Journal of Positive Community Services (EJPCS)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/ejpcs.v4i02.534

Abstract

Pengabdian masyarakat ini berfokus pada penguatan kapasitas pemasaran pelaku UMKM di Desa Babatan, Kabupaten Kuningan, sebagai bagian dari upaya mendukung ekonomi kerakyatan berbasis desa. Permasalahan utama yang di hadapi UMKM adalah keterbatasan akses pasar dan rendahnya literasi digital. Tujuan pengabdian ini adalah meningkatkan literasi digital, mendorong transformasi pemasaran dari pola konvensional ke digital, serta meningkatkan kemandirian UMKM melalui landing page whatsapp. Pendekatan yang digunakan yaitu Participatory Action Research (PAR) dengan metode observasi, diskusi kelompok, pelatihan berbasis praktik, serta pendampingan intensif. Hasil pengabdian menunjukkan adanya peningkatan pada pengetahuan, keterampilan, dan perilaku pemasaran digital UMKM. Pelaku UMKM mampu membuat dan mengelola landing page Whatsapp secara mandiri, memperluas jangkauan promosi, serta memperkuat jejaring usaha lokal. Pengabdian ini berkontribusi pada penguatan ekonomi kerakyatan berbasis digital yang inklusif dan berkelanjutan.
Does sustainability strengthen asset pricing models? Moderating effects in the Fama-French framework on ESG leaders Maulana, Yasir; Nugraha, Nugraha; Disman, Disman; Sari, Maya
Asian Management and Business Review Volume 6 Issue 1, 2026
Publisher : Master of Management, Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AMBR.vol6.iss1.art10

Abstract

This research investigates the moderating role of environmental, social, and governance (ESG) risk ratings in the relationship between traditional Fama-French framework and excess stock returns among companies listed in the ESG Leaders Index for the 2021–2023 period. Using moderated regression analysis (MRA), the findings reveal that small minus big (SMB) exerts a significant positive impact on excess returns, confirming the relevance of firm size as a pricing factor even within the sustainability-focused investment universe. Meanwhile, market risk and high minus low (HML) do not show demonstrate statistical relevance direct effects, although HML is marginally significant. Furthermore, ESG risk rating demonstrates a moderating effect only in the relationship between HML and excess returns, suggesting that sustainability considerations may weaken the traditional value premium. These results highlight the partial integration of ESG risk into asset pricing dynamics and underline the essentiality of incorporating ESG factors in developing more robust, sustainable investment strategies. The study provides practical insights for market participants, fund managers, and authorities navigating the transition toward sustainable finance in emerging markets.
PENGARUH KINERJA KEUANGAN DAN INFLASI TERHADAP HARGA SAHAM PERUSAHAAN SUBSEKTOR FARMASI  2019-2023 Maulana, Yasir; Agustin, Afni Alifia; Djuniardi, Dede
Jurnal Manajemen dan Bisnis Vol. 8 No. 1 (2026): Jurnal Manajemen dan Bisnis Baja (JUMANIS BAJA)
Publisher : LPPM Universitas Banten jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47080/jmb.v8i1.4442

Abstract

This research examines how internal financial conditions and inflation influence the stock prices of pharmaceutical sub-sector firms listed on the Indonesia Stock Exchange over the 2019–2023 period. Financial performance is represented by liquidity (Current Ratio/CR), leverage (Debt to Asset Ratio/DAR), and profitability (Return on Equity/ROE), while inflation is included as an external macroeconomic variable. The study applies a quantitative methodology with multiple linear regression as the main analytical tool. Secondary data are collected from corporate financial reports and publications issued by the Central Statistics Agency. The empirical results indicate that liquidity, leverage, profitability, and inflation jointly influence stock price movements. When examined individually, profitability shows a positive relationship with stock prices, whereas liquidity, leverage, and inflation exhibit negative but statistically insignificant effects. Overall, the findings suggest that sound financial performance combined with a stable macroeconomic environment contributes to strengthening investor confidence and shaping stock price dynamics in pharmaceutical sub-sector companies.
PELATIHAN LITERASI INVESTASI UNTUK MENINGKATKAN KEMANDIRIAN FINANSIAL MASYARAKAT PADA KOMUNITAS WARGI KUNINGAN Maulana, Yasir; Jahidah, Nurul Siti; Adzimatinur, Fauziyah; Nurhandika, Arif; Aji, Ibrahim; Rismawati, Dede
ABDI DALEM: Jurnal Pengabdian Kepada Masyarakat Vol. 3 No. 1 (2026): April
Publisher : PT. ANAN PUBLISHER CENDEKIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70585/abdidalem.v3i1.178

Abstract

Kegiatan Pengabdian kepada Masyarakat (PkM) ini bertujuan untuk meningkatkan pemahaman literasi keuangan dan investasi pada masyarakat. Literasi investasi di Indonesia masih tergolong rendah, sehingga banyak masyarakat yang mengalami kesulitan dalam mengelola keuangan, serta rentan terhadap penawaran investasi ilegal. Pelatihan dilaksanakan dalam bentuk ceramah interaktif, diskusi, studi kasus, serta praktik penyusunan anggaran dan simulasi investasi. Peserta berjumlah 15 orang yang terdiri dari anggota Komunitas Wargi Kuningan. Hasil kegiatan menunjukkan peningkatan pemahaman peserta dalam menyusun anggaran bulanan, mengenal instrumen investasi, serta mengidentifikasi ciri-ciri investasi bodong. Dengan adanya kegiatan ini, diharapkan masyarakat lebih mandiri secara finansial dan mampu mengelola keuangannya secara bijak di era digital.
Struktur Kepemilikan, Kebijakan Utang, dan Persistensi Laba: Studi Emiten Sektor Kesehatan Yasir Maulana; Hasna Firyal Khaerunnisa; Disman Disman; Herma Wiharno
Worksheet : Jurnal Akuntansi Vol 5, No 3 (2026)
Publisher : UNIVERSITAS DHARMAWANGSA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46576/wjs.v5i3.8860

Abstract

Penelitian ini bertujuan mengkaji pengaruh struktur kepemilikan yang mencakup kepemilikan manajerial dan kepemilikan institusional serta kebijakan utang terhadap persistensi laba pada perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia selama periode 2019–2023.  Menggunakan desain penelitian kuantitatif dengan pendekatan deskriptif-verifikatif, studi ini menerapkan regresi panel data yang terdiri dari 16 perusahaan sampel selama lima tahun, menghasilkan 80 observasi. Pemilihan sampel dilakukan melalui teknik purposive sampling. Uji diagnostik asumsi klasik dan hipotesis dilaksanakan menggunakan EViews 12. Temuan pengujian simultan membuktikan bahwa ketiga variabel independen secara bersama-sama berpengaruh signifikan terhadap persistensi laba dengan kontribusi penjelasan sebesar 26,7% terhadap variasinya. Secara parsial, kepemilikan manajerial menunjukkan pengaruh negatif signifikan, sementara kepemilikan institusional tidak mencapai ambang signifikansi statistik. Tingkat hutang memberikan pengaruh negatif yang paling kuat dan memiliki makna ekonomis yang substansial, mengindikasikan bahwa leverage yang tinggi secara nyata menggerus keberlanjutan laba yang dilaporkan. Penelitian ini memberikan kontribusi pada literatur kualitas laba di sektor kesehatan Indonesia industri yang secara strategis terbukti tangguh selama pandemi COVID-19. Temuan penelitian menawarkan panduan berbasis bukti bagi investor, manajemen, dan regulator keuangan dalam upaya meningkatkan kredibilitas persistensi laba perusahaan.
FAIR PRICE OF STOCK USING PRICE EARNING RATIO AND PRICE TO BOOK VALUE IN INVESMENT SERVICE COMPANIES Hadi Satria Ganefi; Yasir Maulana; Wachjuni Wachjuni
INDONESIAN JOURNAL OF BUSINESS AND ECONOMICS Vol. 9 No. 1 (2026): Indonesian Journal Of Business And Economics
Publisher : Universitas Kuningan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/0xqa0s93

Abstract

Investment is a current sacrifice made by investors with the aim of achieving future profits. One instrument investors utilize in investing is stocks, which offer high returns accompanied by high risks. Therefore, to minimize risk and maximize returns, investors require adequate information and accurate analysis of the stocks they choose. This study aims to analyze the fairness of stock prices of Investment Services sub-sector companies listed on the Indonesia Stock Exchange during the 2024 period using fundamental analysis with the Price Earnings Ratio (PER) and Price to Book Value (PBV) methods. Purposive sampling was used as a sampling technique, and four companies were selected. The results showed that, based on fundamental analysis using the PER and PBV methods, two companies were overvalued and one company was undervalued. However, inconsistent results were found within one company. This study provides information that can be used as a basis for consideration by investors in making investment decisions, both to buy and sell shares, especially in the investment services sector.
Co-Authors A.A. Ketut Agung Cahyawan W Adzimatinur, Fauziyah Agustin, Afni Alifia AJI, IBRAHIM Alfiana Andini Nurhaeni Anggi Yuliani Anggraeni, Nur Ani Rakhmanita Arief Surya Lesmana Ayus Ahmad Yusuf Aziz, Muhhammad Nur Bunga Azzarri Christine Riani Elisabeth Dadang Suhardi Dede Djuniardi DENI SETIAWAN Desi Sriwahyuni Disman Disman Disman Disman, Disman Dodi Elda Mesyani Erlan Darmawan Erwina Kartika Devi Euis Euis Fauziyah Adzimatinur Fildzah Karamina Putri, Siti Hadi Satria Ganefi Harjadi, Dikdik Harun, Muhammad Fiqri Hasna Firyal Khaerunnisa Herdiansyah, Muhamad Ferdi Herma Wiharno Herma Wiharno Heru Budianto Hezah Nur Jannah Hidayat, Yusuf Murtadlo In Min Iqbal Arraniri Irma Tsuraya Choirinnida Irwan Moridu ISKANDAR Iskandar Iskandar Kartikasari, Dea Komarudin*, Munir Nur Komarudin, Munir Nur Lia Kurniasih Lies Diana Damayanti Lisa Lismawati Marliani, Ana Marlina Agustia Maya Sari Maya Sari Meilaniy, Windy Dwi Meilany, Windy Dwi Muhammad Alpazrul Muhammad Musyfiq Muflih Munir Nur Komarudin Munir Nur Komarudin Novi Satria Pradja Nugraha Nugraha Nugraha Nugraha Nurhandika, Arif Nurhumaira, Nadhifa Nurul Siti Jahidah Oding Syafrudin Pitriani Pitriani Puspo Dewi Dirgantari Rahmantya, Yanneri Elfa Kiswara Rahmawati , Aulia Nur Ratih Hurriyati Reyhan Alfarizi Rifa Siti Nurfajriyah Rina Masruroh RIO ANDRIYAT KRISDIAWAN Rismawati, Dede Robi Awaluddin Santikawati, Lita Siti Fildzah Karamina Putri Supriatna, Odang Syafrudin, Oding Syed Iradat Abbas Wachjuni Wachjuni Wely Hadi Gunawan Windy Dwi Meilaniy Yuliani, Anggi