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Capital Aset Pricing Model (CAPM) Revisited: The Context of Sharia-based Stocks with the Barakah Risk Premium Variable Mahastanti, Linda Ariany; Asri, Marwan; Purwanto, Bernadus M.; Junarsin, Eddy
Jurnal Keuangan dan Perbankan Vol 25, No 2 (2021): April 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i2.5572

Abstract

The purpose of this study is to answer the question about the inconsistency of research results in the field of Islamic stock investment. This study uses literature for digging the uniqueness of Sharia stock investments which cannot be explained completely with a quantitative approach. In the last part of this research, we adjust the Capital Asset Pricing Model (CAPM) in the Sharia capital market based on a literature study. The classical finance theories such as CAPM need to adjust by incorporating the unique characteristics of faith-based investment products. The main difference between faith-based and conventional investment products lies in the presence of religious teachings that underlie the formation of these products. Consequently, investors employ not only the objective risk-and-return analysis to select investment choices, but also the subjective risk-and-return analysis based on Islamic teachings. Subjective gains (nonmonetary) are reflected by the barakah risk premium on which investors initially base their investment selection decisions between sharia-based and conventional stock investment. This research found a new variable called Barakah risk premium and Barakah return. This type of risk and return are very specific which is only found in sharia stock investments DOI : https://doi.org/10.26905/jkdp.v25i2.5572
PENGUJIAN NESS-APP UNTUK DETEKSI SARANG BURUNG WALET TESTING OF NESS-APP FOR DETECTING SWIFTLET NESTS Parhusip, Hanna Arini; Trihandaru, Suryasatriya; Indrajaya, Denny; Hartomo, Kristoko Dwi; Lewerissa, Karina Bianca; Mahastanti, Linda Ariany
Jurnal Abdi Insani Vol 11 No 4 (2024): Jurnal Abdi Insani
Publisher : Universitas Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/abdiinsani.v11i4.1786

Abstract

This article discusses the development and testing of the Ness-App application, designed to detect and assess the quality of swallow nests effectively and efficiently. The main issue addressed is the difficulty in determining the quality of swallow nests through photos or videos in buying and selling transactions. The purpose of this research is to develop an Android application using object detection technology to assist PT. Waleta Asia Jaya in assessing the quality of swallow nests. The method used involves creating an object detection model using Convolutional Neural Network (CNN) and SSD MobileNet architecture. The results indicate that the Ness-App application can improve transaction efficiency and quality, providing a better understanding of swallow nest conditions for collectors and farmers. In conclusion, Ness-App supports digitalization and technological advancement in the swallow nest industry by providing an effective tool for quality assessment and accelerating the transaction process.
The Retention–Replacement Dilemma: A Capital Budgeting Perspective on Aging Industrial Assets Gunawan, Yulison Tri; Mahastanti, Linda Ariany
Side: Scientific Development Journal Vol. 2 No. 6 (2025): Side: Scientific Development Journal
Publisher : Arbain Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59613/qdakjx14

Abstract

This study examines the decision to replace an aging palletiser machine using discounted cash flow (DCF) analysis, employing standard corporate metrics such as Net Present Value (NPV), Internal Rate of Return (IRR), and Discounted Payback Period (DPP). The analysis demonstrates that replacing the machine results in a positive NPV of approximately IDR 2.80 billion, an IRR of 25.8% that exceeds the company’s WACC of 11.2%, and a discounted payback period of about six years. These results remain favorable even under realistic perturbations, such as a ±20% change in maintenance escalation and ±2 percentage points in WACC. Retaining the machine, with escalating maintenance costs and a compressed Mean Time Between Failures (MTBF), would only be beneficial under highly unlikely conditions, such as near-flat wear-out rates or negligible downtime costs. The replacement decision provides a clear value proposition for shareholders by minimizing long-term operational risks, such as unpredictable downtime and increasing maintenance expenses. Additionally, the study highlights the importance of using a super-linear escalation model for late-life maintenance costs, which more accurately reflects the growing costs associated with aging assets. The findings support a repeatable approach to capital budgeting decisions, offering companies a robust framework for resolving similar “repair or replace” dilemmas across their asset base. Ultimately, the study concludes that replacing the aging palletiser maximizes shareholder value, aligns with corporate policy thresholds, and remains a sound investment even in the face of potential uncertainties in the operational environment.