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All Journal Jurnal Manajemen dan Agribisnis ESENSI: JURNAL BISNIS DAN MANAJEMEN Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI Economic Journal of Emerging Markets Jurnal Siasat Bisnis MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN Jurnal Manajemen Teknologi Jurnal Keuangan dan Perbankan JDM (Jurnal Dinamika Manajemen) Trikonomika: Jurnal Ekonomi Journal of Economics, Business, & Accountancy Ventura JAM : Jurnal Aplikasi Manajemen Indonesian Journal of Business and Entrepreneurship (IJBE) Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis MIX : Jurnal Ilmiah Manajemen Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Asia-Pacific Management and Business Application Substansi: Sumber Artikel Akuntansi Auditing dan Keuangan Vokasi IJHCM (International Journal of Human Capital Management) Jurnal Bisnis dan Manajemen Economica: Jurnal Ekonomi Islam Jurnal Ekonomi dan Bisnis Syntax Literate: Jurnal Ilmiah Indonesia Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen Jurnal ASET (Akuntansi Riset) Jurnal Riset Akuntansi dan Keuangan Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Jesya (Jurnal Ekonomi dan Ekonomi Syariah) JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT Dinasti International Journal of Education Management and Social Science International Journal of Economics Development Research (IJEDR) Jurnal Ilmiah Manajemen Kesatuan Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Quantitative Economics and Management Studies BISMA (Bisnis dan Manajemen) Economic Reviews Journal Proceeding of the International Conference on Family Business and Entrepreneurship (ICFBF) Indonesian Capital Market Review Eduvest - Journal of Universal Studies Prosiding Seminar Nasional dan Call Paper STIE Widya Wiwaha
Buddi Wibowo
Department Of Management, Economic And Business Faculty, Universitas Indonesia, Jakarta
Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Social Sciences Other

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Manajemen Portofolio Saham Pada Dana Jaminan Pensiun Kurniawan, Adithya; Wibowo, Buddi
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v10i7.60172

Abstract

Penelitian ini bertujuan untuk menganalisis pengelolaan portofolio saham Dana Jaminan Pensiun di Indonesia selama periode 2022–2023, dengan fokus pada strategi alokasi aset, pemilihan sekuritas, penentuan waktu pasar, dan evaluasi portofolio. Metode penelitian dengan analisis menggunakan model optimasi portofolio, seperti Mean-Variance Portfolio. Hasil penelitian menunjukkan bahwa portofolio saham Dana Jaminan Pensiun menghasilkan tingkat pengembalian tertentu dengan profil risiko yang dapat diukur melalui deviasi standar dan estimasi imbal hasil tahunan. Model Mean-Variance dinilai paling sesuai karena menawarkan keseimbangan antara risiko yang rendah dan tingkat pengembalian yang memadai, sesuai dengan kewajiban jangka panjang dana pensiun. Implikasi dari penelitian ini memberikan rekomendasi strategis utnuk mengelola portofolio saham secara lebih optimal, guna memaksimalkan manfaat bagi peserta jaminan pensiun.
Relationship between Entrepreneurial Intention Among Undergraduates Student and Entrepreneurship Education: Differences between Gender Wibowo, Buddi
APMBA (Asia Pacific Management and Business Application) Vol. 5 No. 1 (2016)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2016.005.01.3

Abstract

Entrepreneurial intentions among undergraduates students need more indepth study to reveal entrepreneurial intention formation model, intention determinant variables, and how those variables interact each other in  the intention formation process and intention strength level. Personal attitudes and social norms are the most important variable influencing entrepreneurial intentions, besides perceived behavioral control. These three variables are the most important entrepreneurial intentions determinant variable  that each are directly influenced by personal beliefs. Prior research show gender gaps in entrepreneurial activity and there is a significant different entrepreneurial intentions formation process between gender. Entrepreneurship educations are aimed to change all personal beliefs to be more positive to entrepreneurial activity so we could find strong entrepreneurial intentions  among undergraduate students. Empirical test show that entrepreneurship education significantly influence personal attitude dan perceived behavior control to be more favorable in developing entrepreneurship education. Female students tend to value more on non monetary entrepreneurial benefits than male student. Entrepreneurship education strengthen each gender’ tendency to value more what they initially believe.
The Data Management Transformation in the Capital Market: A Case Study of PT XYZ in the Centralization and Sharing Strategy of Investor Data Through the ABC System Pungkas Budhi Santoso; Buddi Wibowo
Dinasti International Journal of Education Management And Social Science Vol. 5 No. 5 (2024): Dinasti International Journal of Education Management and Social Science (June
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v5i5.2854

Abstract

This study is conducted using a robust research methodology. It aims to analyze the capacity and capabilities of PT.  XYZ in implementing the strategy of Investor Data Centralization and KYC Data Sharing through the ABC System.  This strategy aims to provide centralized KYC storage and KYC data sharing through the ABC (Centralized Investor Data Management System) platform, which participants in the Indonesian capital market sector can utilize. The study employs both external analysis (PESTEL model, Porter's Diamond, and comparative analysis with KYC platforms in other countries) and internal analysis (Value Chain and VRIO Framework) to assess PT XYZ's capacity and capability in executing this strategy. The effectiveness of this strategy is measured through EFE, IFE, IE and SWOT matrices.  The research findings are expected to offer strategic insights into opportunities and challenges in KYC data centralization strategies, provide recommendations for optimizing CORES services, and contribute to the strategic management literature in the financial sector, especially in the context of KYC regulation and technology.  
Analysis of Factors Influencing Credit Insurance Claims at PT Asuransi Kredit Indonesia: A Logistic Regression Approach Lolita Akbar; Buddi Wibowo
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 4 (2025): Oktober
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i4.8513

Abstract

This study aims to analyze the factors influencing the occurrence of claims in credit insurance at PT Asuransi Kredit Indonesia (Askrindo) using a binary logistic regression approach. The analysis was conducted on 14,331 insurance policy records from the period 2021 to 2024, encompassing variables such as regional classification, insured value, premium, gender, age, credit type, insurance duration, and business source. The results reveal that region, debtor age, and credit type have a statistically significant effect on claim probability, with Region III and debtors aged above 55 exhibiting the highest likelihood of claim occurrence. In contrast, insured value and premium show no significant impact, indicating that the current underwriting process may not adequately reflect default risk. The logistic regression model successfully identified seven significant variables and passed all model fit and multicollinearity tests. These findings carry strategic implications for strengthening credit risk management, particularly in refining underwriting policies, improving debtor creditworthiness assessments, and ensuring financial sustainability amid increasing exposure to MSME guarantee programs.
Comovement Indeks Pasar Saham Syariah dan Variabel Makro Ekonomi: Pendekatan Regime-Switching Regression Wibowo, Buddi
IQTISHADIA Vol 10, No 2 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i2.2237

Abstract

Hubungan imbal hasil indeks syariah dengan variabel makroekonomi merupakan topik riset yang cukup banyak menarik perhatian para peneliti. Comovement antara indeks syariah dengan indeks pasar saham konvensional mengindikasikan adanya hubungan kointegrasi antara kedua pasar tersebut. Comovement antara indeks syariah dan indeks pasar konvensional jauh lebih kuat pada saat volatilitas  rendah dibandingkan pada regime volatilitas yang tinggi. Signifikannya hubungan antara imbal hasil indeks syariah di Bursa Efek Indonesia dengan perubahan suku bunga memunculkan pertanyaan apakah saham-saham perusahaan yang termasuk di dalam Jakarta Islamic Index telah disaring secara ketat sehingga komponen biaya bunga sudah minimal atau karena mikro struktur pasar saham Indonesia yang didominasi investor asing.          Model regresi Markov regime-Switching mengungkapkan adanya perbedaan signfikan pengaruh perubahan nilai tukar terhadap imbal hasil indeks syariah  antara regime volatilitas yang tinggi dengan regime volatilitas yang rendah. Pengaruh nilai tukar hanya signifikan pada saat regime volatilitas yang rendah. Hal ini tidak dapat diungkap jika kita hanya menggunakan model regresi linier OLS biasa.
Analysis of The Volatility and Asymmetric Stocks Information in The Energy Sector on The Indonesia Stock Exchange 2021-2024 Tuti Kusmini; Buddi Wibowo
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51300

Abstract

Introduction/Main Objectives: This paper examines the relationship between market uncertainty and asymmetric information in the Indonesian energy sector from 2021 to 2024, using the World Uncertainty Index (WUI) as a measure of global economic and political uncertainty. Background Problems: The study is driven by heightened uncertainty due to major global events such as the COVID-19 pandemic and the Russia-Ukraine conflict, which have introduced significant volatility into the market. Novelty: This research uniquely focuses on the Indonesian energy sector, an underexplored area in global finance, and uses the World Uncertainty Index (WUI) to link global uncertainties with the performance of Indonesia's developing energy market. Research Methods: Employing a regression model, the study investigates the causal relationship between stock market volatility and asymmetric information. Results: The findings reveal that increased volatility negatively impacts market efficiency, indicating that uncertainty and information gaps hinder the market’s ability to fully reflect available information. Conclusion: the study highlights the significant impact of market uncertainty and asymmetric information on stock market volatility and efficiency in Indonesia’s energy sector, offering valuable insights for improving investment strategies and policy formulation in a volatile global environment
Impact of Full Periodic Call Auction on Stock Volatility and Liquidity in Watchlist Board of Indonesia Stock Exchange Maria Christina Pasaribu; Buddi Wibowo
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51341

Abstract

Indonesia Stock Exchange (IDX) has implemented a Full Periodic Call Auction (FCA) mechanism for stocks listed under the Watchlist Board on March 25, 2024 to enhance market quality and investor protection. This study investigates the impact of FCA mechanism on stock volatility and liquidity in the Indonesian capital market, particularly for equities listed on the Watchlist Board of IDX. Using a time-series regression framework and robust event study design, this research analyzes 40 stocks over a 12-month period surrounding the implementation of FCA on March 25, 2024. Volatility is measured using the Parkinson Volatility model, while liquidity is assessed using the Amihud Illiquidity Ratio. The results reveal that 80% of the sample experienced statistically significant changes in volatility, with 81.4% showing increased volatility, especially among low-priced stocks (< IDR 51). This supports the Thin Market Hypothesis and Market Microstructure Theory, suggesting that auction mechanisms can amplify price reactions in illiquid environments. Meanwhile, 55% of stocks showed significant changes in illiquidity, with 95.5% experiencing increased illiquidity, indicating that FCA may have inadvertently reduced market efficiency by limiting order flexibility and increasing execution risk under a blind order book. Aggregate testing confirms that FCA significantly increased volatility and weakened liquidity across the sample. These findings indicate that while FCA reactivated previously dormant stocks and facilitated price discovery in certain contexts, its effects are not uniformly beneficial. The outcomes vary depending on stock classification, with distress-level (Criteria 5) stocks showing volatility suppression, and low-price, low-liquidity stocks (Criteria 1) facing heightened trading frictions.
Integration of Green Innovation in Default Risk Management with Altman's Z"-Score and ZMIJEWSKI'S Zm-Score Jemitra Jemitra; Buddi Wibowo
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51361

Abstract

This study analyzes the effect of green innovation on the default risk of non-financial companies in Indonesia and China during the period 2018–2024. Both countries were selected because they have banking-based financial systems but face different environmental challenges. Default risk is measured using a combined accounting-based approach, namely Altman's Z”-Score, and Zmijewski's ZM-Score. The estimation results using the Fixed Effect Model show that in aggregate, green innovation has no significant relationship with default risk. However, when analyzed per country, the effect of green innovation is proven to be significant and negative on default risk in companies in China, while in Indonesia the relationship is not statistically significant. These findings indicate that the effectiveness of green innovation as a financial risk mitigation strategy is greatly influenced by institutional readiness and national policies. This study provides important insights for policymakers and market players in developing countries regarding the importance of supporting the green innovation ecosystem to strengthen financial stability.
Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange Muhammad Iqbal; Buddi Wibowo
Journal of Economics, Business, and Accountancy Ventura Vol. 19 No. 3 (2016): December 2016 - March 2017
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v19i3.515

Abstract

Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum), confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973), the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.
HOW CROSS-BORDER SECURITIES HOLDINGS INFLUENCE MARKET INFORMATION TRANSMISSION DURING THE U.S. RECIPROCAL TARIFF SHOCK Robinson Robinson; Buddi Wibowo
Prosiding Seminar Nasional dan Call Paper STIE Widya Wiwaha Vol 4 No 1 (2025): International Seminar Proceedings and Call for Paper STIE Widya Wiwaha
Publisher : Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32477/semnas.v4i1.1293

Abstract

This study examines the short-term reactions of six international stock markets to the announcement of the United States’ tariff policy using an event study methodology. Grounded in the Efficient Market Hypothesis, market responses are expected to reflect rapid price adjustments to new information, while the financial linkage perspective suggests that countries with stronger investment exposure to U.S. investors may react more intensely. To test these theoretical expectations, the analysis focuses on abnormal returns (AR) surrounding the event window of −3 to +3 days, with countries classified into high and low groups based on the level of U.S. Resident Securities Holding. The empirical results reveal significant abnormal returns across several high-holding countries, particularly Japan, which shows strong anticipatory reactions prior to the announcement and notable corrections afterward. Canada and South Korea also demonstrate early and coordinated responses. Conversely, low-holding countries exhibit weaker and less systematic reactions; South Africa shows delayed negative movements, while Thailand and Turkey display minimal sensitivity to the policy shock. These findings support both hypotheses: markets exhibit significant abnormal returns during the event window, and financial exposure to U.S. investors amplifies the speed and magnitude of market reactions. Overall, the study provides evidence that cross-border portfolio linkages play a meaningful role in transmitting the impact of U.S. trade policy to global financial markets. The results highlight the importance of financial integration as a channel of international shock propagation and offer insights for policymakers and investors managing risks in highly interconnected markets.
Co-Authors Adrianto, Adrianto Akbar, Moh Abrori Anas Lutfi Asrudin, Rudi Bagus Adhi Luthfi Budhi Santoso, Pungkas Cindy Anggika Farah Permanasari Firly Armanda Girindra Chandra Alam Hasna Fadhila Hendrikus Passagi I Gde Reza Rizky Margana I. G. B. Erri Wibowo Ida Bagus Teguh Cipta Maya Negara Jemitra Jemitra Kurniawan, Adithya Lazuardi, Eduardo Lolita Akbar Maria Christina Pasaribu Martono Tampubolon Mochamad Yusuf Alsagaff Muhammad Budi Prasetyo Muhammad Iqbal Muhammad Pudjianto Muhammad Rummy Alfadjri Murdani, Ahmad Dwi Mutiara Hikmah Nur Astiwi, Putri Pittauli Lidia Simanjuntak Pribadi, Sukma Kukuh Pungkas Budhi Santoso Putri Nur Astiwi Rasyadan, Resa Robertho, Valentino Robertho, Valentino Robinson Robinson Shasazuhni, Mohamad Shidiq, Imaduddin Siantoro, Andree Prasetyo Stefano, David Subhiksa, Siwa Kantha Teuku Sadri Ramadhan Titis Fatarina Mahfirah Tuti Kusmini Wibowo, I. G. B. Erri Wilbert Ham