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Analisis Pengaruh Faktor Makroekonomi terhadap Return dan Risk Premium Saham Menggunakan Model Arbitrage Pricing Theory Zunara, Elly; Hartoyo, Sri
Jurnal Aplikasi Manajemen Vol. 14 No. 3 (2016)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (226.551 KB) | DOI: 10.18202/jam23026332.14.3.15

Abstract

Stock is one of the most popular monetery market instrument and the alternative interesting investation in capital market because it may given the high return to the investor. The price of stock is fluctuative because the comuditythat is sensitive changeable based on the internal and external factors of a company. There are existence of fluctuations of stock that make the investor focus on expected return levelon the investments made as compensation for the risks to be faced.APT (Arbitrage Pricing Theory) model improved by Stephen A Rose is one of the developerin CAPM (Capital Asset Pricing Theory) to determining the expected return in the market. Some experts claim that APT model is better than CAPM because the price of stock is not only determined by single market index but also by many macroeconomics factors. Based on the explanation above, the researcher will research the return and risk premium in stock exchange of Indonesia using APT model. It will be found the macroeconomic factors that may affectstock return and premium risk in APT Model, such as the level of inflation, Rupiah rate exchange to US dollars, and the price of world oil.
Pengaruh Kemitraan dengan PT Indofood Fritolay Makmur (PT IFM) terhadap Efisiensi Petani Kentang di Kecamatan Pangalengan Kabupaten Bandung Provinsi Jawa Barat Ratu Rihi, Micha Snoverson; Hartoyo, Sri; Faryanti, Anna
Jurnal Aplikasi Manajemen Vol. 12 No. 2 (2014)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (382.947 KB) | DOI: 10.21776/

Abstract

The main objective of this study is to analyze the technical, allocative, and economic efficiencies. In order to that, the study used primary data collected from 80 potato farmers. Using the stochastic frontier analysis (SFA), the results showed that the technical, allocative, and economic efficiencies of the farmers are 0.71, 0.51, and 0.36, respectively. Therefore, if farmers could increase their efficiencies to the highest levels, the cost could be reduced for about 28%, 35%, and 38%, respectively. The model also used a dummy variable to distinguish partnership with PT IFM. It is showed that partnership reduced farmers allocative inefficiency. Otherwise, it increased the technical and economic inefficiencies. Another dummy variable ofpotato cultivation training and duration as a member of farmers club lowered all inefficiencies. The results implied that the average technical, allocative, and economic efficiencies of potato farmers who had partnershipwith PT IFM were lower than those who had no partnership.
Optimalisasi Operasional Tol Laut dalam Pemenuhan Muatan dalam Palka Kapal Milik PT Meratus Line Surabaya Nala Inayatuz Zaid; Wahyuni, Okvita; Prasetya, Tri Budi; Hartoyo, Hartoyo
Jurnal Angkutan Laut dan Kepelabuhanan Vol 2 No 2 (2025): Edisi Agustus 2025
Publisher : Politeknik Ilmu Pelayaran Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46484/ijpsm.v2i2.1258

Abstract

The implementation of the sea toll program is carried out by PT Meratus Line as the ship operator. Cargo transportation to Kupang has not been in accordance with the designated slot allocation. This has resulted in inflated Terminal Handling Charges (THC), blank sailings, and complaints from other companies. This study aims to: determine the sea toll load requirements based on Government Regulations, determine the impacts that will occur if sea toll load requirements are not met, and identify strategies for maximizing sea toll load capacity. This study uses a qualitative research method with data collection techniques including observation, interviews, documentation, and literature review. The selected data is then analyzed using the Miles and Huberman theory. The research revealed that the reason for the suboptimal sea toll cargo in the hold was due to the unpreparedness of sea toll cargo and replacement cargo, and a lack of coordination with customers and the terminal. Operations and customer service should recheck and coordinate regarding the condition of the vessel and cargo readiness to avoid empty cargo. Futhermore, the company should provide privileges to customers with fixed shipping schedules.
Peningkatan Kualitas Sistem Instalasi Pencahayaan Lapangan Bola Voli Berbasis Pengabdian Masyarakat Ahmad Nugroho, Jati; Hartoyo, Hartoyo; Wahyu Priyono; Miftakhul Fauzia Hakim; Dwinugroho Putro Utomo
Joong-Ki : Jurnal Pengabdian Masyarakat Vol. 4 No. 4: Agustus 2025
Publisher : CV. Ulil Albab Corp

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56799/joongki.v4i4.11199

Abstract

Ketersediaan pencahayaan yang memadai merupakan faktor penting dalam menunjang aktivitas olahraga, khususnya pada fasilitas luar ruangan. Di Pedukuhan Terbah, Kecamatan Pengasih, Kabupaten Kulonprogo, bola voli menjadi olahraga yang populer dan menjadi sarana interaksi sosial masyarakat. Meskipun warga telah membangun lapangan voli luar ruangan secara swadaya, fasilitas pencahayaan yang ada masih belum memadai dan tidak memenuhi standar internasional maupun nasional. Instalasi listrik yang digunakan bersifat sementara dengan kabel gulungan yang disambungkan dari rumah warga, menimbulkan risiko keselamatan, ketidakstabilan pasokan, serta beban biaya tambahan bagi pemilik listrik. Kondisi ini membatasi penggunaan lapangan pada siang hari dan menghambat pelaksanaan kegiatan malam seperti latihan atau pertandingan. Kegiatan pengabdian ini bertujuan menyediakan instalasi listrik permanen dan sistem pencahayaan sesuai standar, sehingga dapat meningkatkan keamanan, efisiensi energi, dan kualitas penerangan lapangan. Implementasi program diharapkan memberikan manfaat berkelanjutan bagi masyarakat, tidak hanya sebagai fasilitas olahraga, tetapi juga sebagai sarana memperkuat interaksi sosial, meningkatkan kesehatan, dan mendukung pemberdayaan masyarakat.
Application of Ethical Sanctions for Abuse of Influence by Members of The Corruption Eradication Commission Gengki Zulfikar, M Haidar Hanif; Hartoyo, Hartoyo; Astutik, Sri
Rechtsvinding Vol. 3 No. 2 (2025)
Publisher : Civiliza Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59525/rechtsvinding.v3i2.993

Abstract

The establishment of the Republic of Indonesia as a State of Law requires that all actions must be based on the Law, this is also done in the Corruption Law Enforcement institution which is regulated in Law Number 30 of 2002 concerning the Corruption Eradication Commission, although in its journey there are violations such as those committed by the deputy chairman of the Corruption Eradication Commission, namely brother NG, who has been sanctioned by the KPK Supervisory Board with moderate sanctions as stipulated in the Regulation of the Supervisory Board of the Corruption Eradication Commission of the Republic of Indonesia Number 3 of 2021 concerning Enforcement of the Code of Ethics and Code of Conduct of the Corruption Eradication Commission, but this does not reflect justice considering NG's position as KPK Leader. In this case, the problem formulation is used, namely 1) How is the application of ethical sanctions against abuse of influence by members of the Corruption Eradication Commission? 2) Can Ethical Sanctions be Used as a Foundation in Law Enforcement of Corruption Crimes? By using the Normative Juridical research method and 2 (two) Approach Methods, namely the statute approach, conceptual approach, several conclusions were drawn that the sanctions imposed on Ng as KPK Leader did not reflect justice and fulfill the theory of punishment, namely the deterrent effect, where NG should have been imposed with severe sanctions considering his position as KPK Leader
The Effect of Service Quality, Marketing Mix, Customer Satisfaction, and Customer Trust on Customer Loyalty at Buley Steak Adiputra, Henry Jonathan; Hartoyo, Hartoyo; Yuliati, Lilik Noor
Dinasti International Journal of Management Science Vol. 7 No. 1 (2025): Dinasti International Journal of Management Science (September - October 2025)
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijms.v7i1.5374

Abstract

This study aims to examine perceptions and analyze the effect of service quality and marketing mix on customer satisfaction, trust, and loyalty toward Buley Steak. A quantitative research method was applied through a survey conducted with end customers who have consumed Buley Steak products for at least in the past year. A total of 280 respondents completed the questionnaire distributed online. The independent variables in this study are service quality and marketing mix, while the dependent variables include satisfaction, trust, and customer loyalty. Data were analyzed using descriptive statistical techniques. The findings reveal that service quality significantly affects both customer satisfaction and trust. Similarly, the marketing mix also has a significant impact on satisfaction and trust. Furthermore, customer satisfaction strengthens trust, which in turn significantly affects loyalty. Based on these findings, managerial implications suggest that Buley Steak should enhance service quality and marketing strategies to foster customer satisfaction, build trust, and achieve long-term customer loyalty.
Pengaruh Work Life Balance Terhadap Kinerja Karyawan Melalui Kesejahteraan Karyawan pada UMKM Hartoyo, Hartoyo
DFAME Digital Financial Accounting Management Economics Journal Vol 2 No 4 (2024): NOVEMBER 2024
Publisher : Awatara Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61434/dfame.v2i4.270

Abstract

This study explores the effect of work-life balance on employee performance through the mediating role of employee well-being among employees in micro, small, and medium enterprises (MSMEs) in Purwakarta, Indonesia. Using a qualitative approach, the research investigates how employees perceive and navigate the complex interactions between their personal and professional responsibilities. Five informants were purposively selected from various MSMEs and interviewed through semi-structured sessions. Thematic analysis revealed that work-life balance plays a critical role in preserving employees’ emotional and psychological resources, which directly influences their well-being and job performance. Well-being emerged as a lived and dynamic experience, deeply affected by recognition, social relationships, and individual strategies for managing stress. The findings align with the Conservation of Resources (COR) Theory, which posits that maintaining valued resources such as time, energy, and emotional support is key to preventing burnout and promoting effectiveness. Informants reported that imbalance leads to emotional exhaustion and decreased motivation, while balance enhances creativity, focus, and satisfaction. The research highlights the informal and relational nature of work in MSMEs, suggesting that even simple, empathetic interventions can significantly improve outcomes. This study contributes to the limited qualitative literature on MSMEs and offers practical insights for small business management in similar socio-cultural settings. It emphasizes the need for human-centered approaches to organizational practices.
Mengintegrasikan Keunggulan Operasional dan Orientasi Pasar: Kerangka Konseptual untuk Meningkatkan Kinerja Organisasi Hartoyo, Hartoyo
DFAME Digital Financial Accounting Management Economics Journal Vol 3 No 3 (2025): AGUSTUS
Publisher : Awatara Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61434/dfame.v3i3.314

Abstract

This conceptual paper explores the integration of operational excellence and market orientation as complementary drivers of organizational performance. Operational excellence emphasizes efficiency, reliability, and continuous improvement, while market orientation focuses on responsiveness, customer value creation, and external adaptability. Although these constructs have traditionally been studied separately, their integration provides a more comprehensive understanding of how organizations can sustain competitive advantage. Drawing upon dynamic capabilities, ambidexterity, and resource-based perspectives, the study develops a conceptual framework that highlights the synergies between efficiency and responsiveness. The results reveal that operational excellence strengthens a firm’s ability to reconfigure processes, while market orientation enhances sensing and seizing of opportunities. Together, they form higher-order capabilities that enable resilience in dynamic environments. The framework also emphasizes the role of leadership, organizational culture, and cross-functional collaboration in achieving effective integration. Additionally, the study highlights potential tensions, such as rigidity from excessive efficiency or inefficiency from excessive responsiveness, and proposes strategies to balance them. The paper contributes theoretically by synthesizing fragmented literature streams and offering testable propositions for future research. From a managerial standpoint, it provides guidance for embedding customer intelligence into operations and aligning performance metrics with both efficiency and market responsiveness. The findings underline integration as a critical frontier in management scholarship and practice.
Clustering Indonesian Neobanking Users Through Extended UTAUT 3 for Retention Campaign Strategy Rahmatulloh, Febriandi; Sumarwan, Ujang; Hartoyo, Hartoyo; Sartono, Bagus
ETIKONOMI Vol. 24 No. 2 (2025)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v24i2.42599

Abstract

Research Originality: This study develops a behavior-anchored segmentation framework for Indonesian neobank users by extending the Unified Theory of Acceptance and Use of Technology (UTAUT-3) with trust and marketplace application usage, providing deeper insights into user behavior. Research Objectives: The research aims to identify distinct neobank user segments and key behavioral drivers to support targeted strategies in digital financial services. Research Method: An extended UTAUT-3 model incorporating trust and marketplace usage was validated through Structural Equation Modeling (SEM). Balanced Iterative Reducing and Clustering using Hierarchies (BIRCH) clustering was applied to data from 386 active users, with segment validity confirmed using Elbow, Gap, and Silhouette methods. Empirical Results: The results revealed that trust, habit, and marketplace usage emerged as primary drivers of engagement and user recommendations. This study identifies four user segments: transitioning explorers, urban occasionalists, rural digital enthusiasts, and cost-conscious digital natives. Implications: Urban Occasionalists and Rural Digital Enthusiasts show strong potential for long-term growth. Targeted engagement and personalized retention strategies for these segments can enhance customer lifetime value and strengthen user advocacy. JEL Classification: G21, M31, C38
Competitive analysis and strategic improvement of polypropylene polytam pf-1000 in indonesia Rahardi, Naufal; Hartoyo, Hartoyo; Sartono, Bagus
JHSS (JOURNAL OF HUMANITIES AND SOCIAL STUDIES) Vol 9, No 1 (2025): Journal of Humanities and Social Studies
Publisher : UNIVERSITAS PAKUAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33751/jhss.v9i1.11662

Abstract

This research intends to assess the competing capabilities of Polytam PF-1000 with other products available in the market Indonesia and suggest alternative approaches to strengthen its market position. A mixed approach was conducted combining survey with 305 respondents and detailed interviews, then using Analytic Hierarchy Process (AHP) method. Multiple regression results suggest that the Demand Conditions variable is the most determinant in competitiveness (β = 0.990, p < 0.05), then Related and Supporting Industries (β = 0.812), Firm Strategy, Structure, and Rivalry (β = 0.218), and lastly Factor Conditions (β = 0.159). It elaborates the necessity of understanding the market, collaboration in the business industry, formulating business strategy, and resource allocation in enhancing competitiveness of Polytam PF-1000. Further AHP (analytical hierarchy process) analysis using 55 stakeholders managed to rank two other group’s components and their weight: Factor Conditions was prioritized and received the most weight at 0.518, followed by Demand Conditions which was rated by 0.261. From the interviews, technological advancement, supply chain improvement, and expansion of market coverage formed the primary strategies. One of the angles of perspective that was surprising is that the consumers want a quicker response to their needs, while the internal stakeholders want investment in the needed resources and infrastructure. Along with regulatory changes and energy efficiency, these are new alternative strategies that were outside Porter’s Diamond.
Co-Authors -, Komadin ., Harianto Abdullah Aman Damai Achmad Komara Achyar, Nadia Nurvita Ilahi Adam Sugiharto, Adam ADANG AGUSTIAN Adi Putra Adiputra, Henry Jonathan Adler H. Manurung Adzimatinur, Fauziyah Agus Budi Utomo Agus Maulana Agus Wijaya Soehadi Agustina Widi Palupiningrum‬ Ahmad Nugroho, Jati Aji Hermawan Akbari, Hafsarizka Al. Agus Kristiadi Al. Agus Kristiadi Alamsyah, Zeffry Ali Ashar Ali Khomsan Aman Wirakartakusumah Amriwan, Azis Amron Amron, Amron Amzul Rifin Andi Oktoriyana, Andi ANGGRAENI, ADITHIA Anita Damayantie Anna Faryanti Aranggraeni, Renda Arde Lindung Pambudi Arief Daryanto Arif Satria Arifin, Bustanil Arifin, Bustanil Arina Hayati Aris Solikhah, Aris Arismunandar, T Maureza Aristi Dian Purnama Fitri Arya Hadi Dharmawan Astari Sukmaningtyas Atika Rahma Baadila, Ikram Bagus Sartono Bonar M. Sinaga Bonar Marulitua Sinaga Bonar Marulitua Sinaga Borman, M. Syahrul Budi Suharjo Budiono Budiono Bustanil Arifin Cahyaningsurya, Nabila Sahara Cahyo Dwi Sulistiyo Cornelis, Vieta Imelda D, Sri Sukmana Dadang Sukandar Dadi Adriana Dahlia Nauly Dahmiri Damayanti, Elok Damayanti, Sri Sukmana Dapin, Rahmad Harry Dardiri, Yusuf Dedi Budiman Hakim Dewi, Niken Puspita Diah Diana Sulistyorini Diah Krisnatuti Dieni, Lidya Dominicus Savio Priyarsono Dwinugroho Putro Utomo E. Gumbira Sa’id Eka Intan K.P. Eka Intan Kumala Putri Eka Wulida Latifah Elisa Anggraeni, Elisa Ely Nurhayati Elys Fauziyah Endang Koestati Sri Harini Muntasib Endriatmo Soetarto Erna Rochana Ernu Widodo, Ernu Erry Ricardo Nurzal Ervin Nora Susanti Erwidodo Erwidodo Eva Z. Yusuf Eva Z. Yusuf Eva Z. Yusuf Fadwati, Amida Fahmi, Ali Farisha, Mega Fariyanti, Anna Fathir, Muhammad Aqil Ferdy Adif I. Fallo Fermico Karambut Fitria Fitria Fitriaty, Fitriaty Gengki Zulfikar, M Haidar Hanif Ginting, Victor Hadiwinarto Hadiwinarto Hafidu, Akbar Al Hamzah, Syukri Handayati, Nur Harianto Harianto Harianto Hastuty Musa Hendri Hendri Hendro Sasongko Heny K Daryanto Heppy Setiawati Hidayat, Rizqi Rizaldi Hidayati, Aprihatiningrum Hurriyatun Kabbaro, Hurriyatun Hurriyyatun Kabbaro Husni, Iqbal Ali Hutagaol, M. Parulian Hutagaol, Manuntun Paruliah Ign. Anung Setyadi Ignatius Suksmadi Ilmi, Sendy Watazawwadu Indra Gumay Febryano Irfan Syauqi Beik irwandar, Sapta N Istiqlaliyah Muflikhati Jan Horas Veryady Purba Joo, So-Hyun Juli Handayani Julianto Julianto Khairunnisa Khairunnisa Khairunnisa', Khairunnisa' Khoirul Umam Krisnawan, Afi Bayu Kudang Boro Seminar Kuntjoro, nFN Kusuma, Pradana Jati Kusuma, Redho Rachmad Hadi Laily Dwi Arsyianti Lilik Noor Yuliati Lilis Imamah Ichdayati Liza Agustina Maureen Nelloh Lubis, Muchdy Lukytawati Anggraeni M. Riza Pahlevi M. Yusuf Maharini - Rahsilaputeri Manalu, Doni Sahat Tua Manuwoto, Manuwoto Marfiani, Teni Mashudi, Rudy Maya Riantini, Maya Mayanti, Alamanda Nur Megawati Simanjuntak Melly Latifah Micha Snoverson Ratu Rihi Miftakhul Fauzia Hakim Mohamad Agus Setiawan Muhammad Kristiawan Mukhamad Najib Mukti Ali, Mochammad Musa Hubeis Mustain Mustain N, Dedi Wardana Nala Inayatuz Zaid Nasoetion, Dedi Wardana Nasoetion, Dedy Wardana Nimmi Zulbainarni Nofia Mutiara Bahri, Nofia Mutiara Novie Astri Pratiwi, Novie Astri novindra . Novita Tresiana Nugraha, Aliffiansyah Sam Adhitya Nunung Kusnadi Nur Oktalia Dwine Arwanda, Nur Oktalia Dwine Nurhayati, Ely Nurkodri, Moh Sahroni Octarina, Evie Pangestu, Andaru Dwi Pantjar Simatupang Patasik, Lidia Wulandary Pradana Jati Kusuma Praptama, Khansa Fernanda Fa'iq Prasetya, Tri Budi Prasetya, Victor Prasetya, Viktor Primadona, Fitry Putra, Fikri Isnaini Rachma Fitriati Rahardi, Naufal Rahmatulloh, Febriandi Ranti Wiliasih Ratna Winandi Asmarantaka Razali, Muhamad Retnaningsih Retnaningsih Reza, Fakhri Rina Oktaviani Rini Setiowati Rini Setiowati Ririn Nindia Astuti Rita Nurmalina Riyanti, Evy RIZA RIZA Rizal Syarief Rizky Amelia Robert M.Z Lawang, Robert M.Z Rohim Habibi Rulis, Muhammad Rusastra, I Wayan Safari, Arief Saraswati, Girindra SARIMAN Sarjono Sarjono, Sarjono Sarma, Ma’mun Selamet Selamet Sembiring, Anita Indri R. Setiadi Djohar Setiana, Tutut Setiawan, Edi Setiawaty, Elika Sidarta, Dudik Djaja Sidharta, Dudik Djaja Silitonga, Parlindungan Y Sinaga, Bonar M Sinaga, Bonar M. Sinaga, Bonar M. Siti Marwiyah Siyadah, Fatihatus Soekorini, Noenik SRI ASTUTIK Sri Mulatsih Sri Mulatsih Sri Rahayu Mulyani Sri Sulastri Sri Utami Kuntjoro Srihadi, Rati Farini Stevanus Bayu Satriawan, Stevanus Bayu Subekti Subekti Sudarwan Danim Suharno Suharno Sulistyorini, Diah Diana Sumaryanto, nFN Suprihatin Guhardja Suripto Suripto Suryani, Erma Sutopo Sutopo Syifa, Za'iemah Asy Tanti Novianti Tb Nur Ahmad Maulana Tb. Sjafri Mangkuprawira Tri Wulandari Henny Astuti, Tri Wulandari Henny Trias Andati Trias Andati Trias Andati Tridoyo Kusumastanto Ujang Sumarwan Umu Rosidah Usman Nursusanto Wahyu Priyono Wahyudian Wahyudian Wahyuni, Okvita Wanti Fitrianti Widiastuti, Endang Linirin Wijaya, Amirullah Wijaya, Krista Winahyu, Djatmiko Wisnu Putra Prihantoro Wulandari, Shindy Tri Yandra Arkeman Yesi Dewita Sari YS Darmanto Yudistira, Yogy Indra Yuhendra Yusman Syaukat Yusnina, Yusnina Yuswandi A. Temenggung, Yuswandi A. Zainuddin Zainuddin Zaman, Fasika Khaerul Zumi Saidah Zunara, Elly