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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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PENGEMBANGAN KOMPETENSI DAN ORIENTASI KEWIRAUSAHAAN DALAM MENINGKATKAN KEUNGGULAN BERSAING UMKM DI DESA ANCARAN KECAMATAN KUNINGAN Rina Masruroh; Yasir Maulana; Munir Nur Komarudin
JURNAL PENGABDIAN KEPADA MASYARAKAT (ADI DHARMA) Vol 3 No 2 (2025): JURNAL PENGABDIAN KEPADA MASYARAKAT (ADI DHARMA)
Publisher : ABISATYA DINAMIKA ISWARA PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58268/adidharma.v3i2.145

Abstract

This community service program aimed to enhance the entrepreneurial competence and orientation of Micro, Small, and Medium Enterprises (MSMEs) in strengthening their competitive advantage in Ancaran Village, Kuningan District. The primary issues faced by local MSMEs included a limited understanding of structured business planning, low utilization of digital marketing, and a lack of awareness regarding business legality. Through a participatory approach and practice-based training methods, participants were equipped with knowledge and skills related to the preparation of the Business Model Canvas (BMC), digital marketing strategies, and legal aspects of business operations. Evaluation was conducted using pre-tests and post-tests to assess the improvement in participants' understanding. The results showed a significant increase in knowledge and skills, with the average post-test scores rising by 34.9 points compared to the pre-test. These findings indicated that the program contributed positively to improving the readiness of MSMEs to compete more professionally and sustainably. The program also fostered collective awareness of the importance of innovation, digitalization, and legality as fundamental pillars of MSME competitiveness at the local level.
Optimal Portfolio Analysis Using Markowitz Model and Single Index Model Yasir Maulana; Windy Dwi Meilaniy; Ayus Ahmad Yusuf
Widya Cipta: Jurnal Sekretari dan Manajemen Vol. 9 No. 1 (2025): March
Publisher : Universitas Bina Sarana Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/widyacipta.v9i1.12121

Abstract

This study aims to determine the composition of the optimal portfolio formation results of the Markowitz Model and Single Index Model. This study also aims to compare the results of optimal portfolio formation and performance of the Markowitz Model and Single Index Model. The population in this study are all stocks included in the LQ45 index listed on the Indonesia Stock Exchange for the period 2018-2022. The research sample is stocks that are consistently listed in the LQ-45 index during the 2018-2022 period. The number of research samples based on these conditions was 27 stocks. The results of this study are: In the Markowitz Model, 5 optimal portfolio-forming stocks are obtained, namely ADRO (49%), ANTM (22%), BBCA (7%), ICBP (5%), and KLBF (16%). With a portfolio return rate of 0.025382 (2.54%) and a portfolio risk of 0.081342 (8.13%).  In the Single Index Model, 9 optimal portfolio-forming stocks are obtained, namely UNTR (15.18%), PTBA (3.38%), MNCN (4.15%), ICBP (35.59%), EXCL (6.62%), BBTN (0.92%), BBCA (32.55%), ANTM (0.04%) and ADRO (1.56%). With a portfolio return rate of 0.02066 (2.1%) and a portfolio risk of 0.04005 (4%).  The results of the independent sample t-test processing of the return show that there is no difference between the Markowitz Model return and the Single Index Model return. 
THE INFLUENCE OF FINANCIAL KNOWLEDGE, HEDONIC LIFESTYLE AND FINANCIAL TECHNOLOGY ON FINANCIAL BEHAVIOR Yasir Maulana; Reyhan Alfarizi; Disman
Digital Business and Entrepreneurship Journal Vol. 4 No. 1 (2026): Digital Business and Entrepreneurship Journal
Publisher : PRODI BISNIS DIGITAL FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS KUNINGAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25134/digibe.v4i1.446

Abstract

This study aims to test the influence of financial knowledge, hedonistic lifestyle, and financial technology on financial Behavior. This study uses a quantitative descriptive research method. The sample in this study consisted of 98 students from Kuningan University. The data collection technique employed a questionnaire, and the measurement used an interval scale. Data analysis employed multiple regression analysis. The results of the study from the proposed hypothesis concluded that: Financial Knowledge, Hedonistic Lifestyle and Financial Technology together affect Financial Behavior. Financial Knowledge has a positive and significant effect on Financial Behavior. Hedonistic Lifestyle has a positive and significant influence on Financial Behavior. Financial Technology has a positive and significant influence on Financial Behavior. These findings imply that cognitive factors, lifestyle characteristics, and technological adoption jointly shape students’ financial decision-making. The study highlights the importance of improving financial literacy and promoting responsible use of financial technology to support healthier financial Behavior.
Risk-adjusted performance and market timing of Islamic equity mutual funds in Indonesia: A multi-model analysis Yasir Maulana; Syed Iradat Abbas; Nurul Siti Jahidah; Hezah Nur Jannah
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 2 (2025): December 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i2.151-164

Abstract

This study evaluates the risk-adjusted performance and market-timing ability of 40 Sharia equity mutual funds in Indonesia over the period from January 2021 to December 2023. Five models are applied: Sharpe Ratio, Treynor Ratio, Jensen’s Alpha, Modigliani-Modigliani (M²), and the Treynor-Mazuy model, using the Jakarta Islamic Index 70 (JII70) as the benchmark. All 40 funds underperformed the benchmark on a risk-adjusted basis, with universally negative Sharpe, M², Treynor, and Jensen’s Alpha values. The Treynor-Mazuy analysis shows that virtually no fund demonstrated statistically significant market-timing ability. These findings suggest that fund managers have yet to demonstrate consistent superior stock selection or timing skills during the post-pandemic recovery phase. For investors, these results underscore the importance of selecting funds based on risk-adjusted metrics. For fund managers, the findings call for enhanced active strategies and better integration of quantitative tools within Sharia constraints. For policymakers, stronger transparency standards for performance are needed. This study contributes to the Islamic finance literature by providing a multi-model empirical benchmark for Sharia equity fund performance in an underexplored market context
Determinan Financial Distress pada Industri Tekstil dan Alas Kaki di Indonesia: Bukti Empiris dari Bursa Efek Indonesia Yasir Maulana; Muhammad Alpazrul; Herma Wiharno; Arief Surya Lesmana
Jurnal Bisnis Corporate JURNAL BISNIS CORPORATE : VOL. 11 NO. 1 JUNI 2026
Publisher : Program Studi Ilmu Administrasi Bisnis FISIP Universitas Dharmawangsa Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46576/jbc.v11i1.8910

Abstract

Kesulitan keuangan (financial distress) merupakan ancaman serius bagi keberlangsungan operasional perusahaan, khususnya pada industri yang mengalami tekanan struktural yang persisten. Penelitian ini bertujuan menganalisis pengaruh profitabilitas, leverage, ukuran perusahaan, dan suku bunga terhadap kondisi financial distress pada perusahaan sub sektor alas kaki serta tekstil dan garmen yang terdaftar di Bursa Efek Indonesia periode 2017–2022. Pendekatan yang digunakan adalah metode deskriptif-verifikatif dengan teknik purposive sampling yang menghasilkan 13 perusahaan sebagai sampel. Analisis dilakukan menggunakan regresi data panel dengan model fixed effect. Financial distress diukur menggunakan Z-Score Altman, di mana nilai lebih tinggi mencerminkan kondisi keuangan yang lebih sehat. Hasil penelitian membuktikan bahwa secara parsial, profitabilitas berpengaruh signifikan dan searah terhadap skor kesehatan keuangan (mengurangi distress), leverage berpengaruh signifikan dan berlawanan arah terhadap skor tersebut (memperburuk distress), serta ukuran perusahaan berpengaruh signifikan namun dengan pola yang kontekstual pada industri yang tertekan secara struktural, aset berskala besar tanpa efisiensi operasional justru memperbesar eksposur financial distress. Suku bunga tidak terbukti berpengaruh signifikan, mengindikasikan dominasi faktor fundamental internal atas variabel makroekonomi dalam menentukan ketahanan finansial perusahaan sampel. Secara simultan, keempat variabel mampu menjelaskan lebih dari 95 persen variasi kondisi financial distress. Implikasi manajerial penelitian ini menegaskan pentingnya perbaikan profitabilitas yang substansial, restrukturisasi utang yang terencana, dan optimalisasi efisiensi aset sebagai strategi utama pencegahan financial distress dari perspektif manajemen keuangan korporasi.
Marketplace Strategic Positioning Analysis Yasir Maulana; Ayus Ahmad Yusuf; Puspo Dewi Dirgantari; Ratih Hurriyati
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol. 15 No. 1 (2023)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/amwal.v15i1.12017

Abstract

This study aims to examine the impact of positioning strategy variables consisting of Attributes, Benefits, Users, Competitors, Category, and Price on Consumer Purchase Decisions.  The objects in this Research are Uniku management department students.  The population is all Uniku management department students buying stuff from the online marketplace.  The sample amount in this study is 140 respondents—the instrument of data collection using questionnaires that have fulfilled the validity and reliability requirements.  We use multiple linear regression to analyze the impact.  Based on the study results, the Attribute, User, Competitor, and Category variables have no effect on Purchase Decisions in the Tokopedia Marketplace.  Meanwhile, the Benefit and Price variables partially have a significant positive effect on Purchase Decisions in the Tokopedia Marketplace.  The regression coefficients of Attributes, Benefits, User, Categories, and Prices simultaneously affect Purchase Decisions in the Tokopedia Marketplace
Revisiting the Fama-French Three-Factor Model in Sustainable Investment Maulana, Yasir; Anggraeni, Nur; Disman, Disman; Rakhmanita, Ani
Widya Cipta: Jurnal Sekretari dan Manajemen Vol. 10 No. 2 (2026): September
Publisher : Universitas Bina Sarana Informatika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31294/widyacipta.v10i2.11226

Abstract

This study investigates whether the Fama-French three-factor model retains its explanatory relevance for excess stock returns, focusing on firms listed in Indonesia’s ESG Leaders Index during 2021-2023. Prior empirical studies report mixed evidence on whether sustainability screening alters the pricing of conventional risk factors. A quantitative explanatory design employing purposive sampling selects 29 firms. OLS regression is applied following sequential model specification tests. The central finding is that the firm size factor (SMB) is statistically insignificant, a result attributed to the structural concentration of large-cap firms within the ESG Leaders universe. Market risk premium exerts a positive and significant effect, confirming that systematic risk pricing persists within ESG-screened portfolios even in an emerging market setting. The book-to-market ratio (HML) also shows a positive and significant influence, demonstrating that the value premium survives sustainability screening and is somewhat larger than the coefficients reported in multi-country comparisons, suggesting that ESG screening does not suppress but may preserve or amplify the value premium. The study contributes to the asset pricing literature by demonstrating that ESG screening does not uniformly eliminate risk-factor relevance and by highlighting how index composition shapes which factors remain empirically active in sustainability-oriented markets.
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