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Stock Valuation of Aviation Subsector Pre and Post-Pandemic COVID-19 Andriani, Dwi; Martia, Dina Yeni; Fatimatuzzahro, Naila; Thoriq, Ziqri; Pinandhito, Kenneth
AFEBI Economic and Finance Review Vol. 9 No. 1 (2024): June
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The study aims to assess the company's shares before, during, and after the COVID-19 pandemic by comparing the market price and the company's intrinsic value. The focus of the research is the intrinsic value of the company using the Price Earning Ratio (PER) and Price to Book Value (PBV) approaches, then compared to the market price so that it can find out the stock valuation to make investment decisions. The study analyzed the shares of the airline sector listed on the IDX from 2018 to 2022. The research sample is three companies selected using the purposive sampling technique. The three companies implement environmentally friendly aviation fuel (SAF) and have developed the intelligent airport concept for AP II since 2016. Data processing shows that before the pandemic (2018 - 2,019), the condition of aviation sub-sector stocks was worth buying because the market price was smaller than the intrinsic value. However, under the COVID-19 pandemic (2020 - 2021), the aviation sub-sector stocks are not recommended to be purchased because the market price is greater than the intrinsic value. After Covid 19 (2022), several aviation sub-sector stocks are worth buying, and one is less; therefore, the COVID-19 pandemic gave rise to a recommendation that aviation sub-sector stocks are worth buying because the operations of aviation companies are back to normal. Keywords: Covid 19; Intrinsic Value; Price Earning Ratio (PER); Price to Book Value (PBV)
PENDAMPINGAN SERTIFIKASI HALAL PADA CAFE TAICHAN GORENG MAS MOY DI SALATIGA: PENDAMPINGAN SERTIFIKASI HALAL PADA CAFE TAICHAN GORENG MAS MOY DI SALATIGA Wijayanto, Edi; Adhi, Nurseto; Rois, Muhammad; Martia, Dina Yeni; Listyani, Theresia Tyas; Widiyati, Sri; Rikawati
Bangun Rekaprima Vol. 11 No. 1 (2025): April 2025
Publisher : Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/bangunrekaprima.v11i1.6388

Abstract

The need for a halal lifestyle has become a necessity for the world community, especially Muslims. Indonesia as a country with the largest number of Muslims has its own potential and challenges in facing the development of the world's halal industry. In 2023, The Royal Islamic Strategic Studies Center (RISSC) noted that the Muslim population in Indonesia will reach 240.62 million people. This shows that Indonesia is a country with a Muslim majority. Halal certification is a guarantee of a product that has been declared permissible for consumption according to Islamic law. The Halal Certificate is issued by the Halal Product Guarantee Organizing Agency (BPJPH) which was formed in October 2017 based on the mandate of Law Number 33 of 2014 concerning Halal Product Guarantee (JPH) which was ratified on October 17, 2014. The implementation of Halal certification in Indonesia is mandatory for all food and beverage products with a deadline for implementing the obligation to be Halal certified on October 17, 2024. This community service program aims to assist in halal certification at the Cafe Taichan Goreng Mas Moy in Tegalrejo Salatiga. The methods used in this mentoring activity are through preparation, survey, mentoring through education and direction. The results of this mentoring activity are the existence of halal-certified products for Cafe Taichan Goreng Mas Moy Tegalrejo Salatiga, so that it can realize the government program regarding halal certification regulations.
Applying The Markowitz Model for Optimal Stock Portfolio Construction to Maximize Investor Returns in The Stock Market Martia, Dina Yeni; Soebroto, Nina Woelan; Kodir, Moch. Abdul; Pradana, Bagas Putra; Senoaji, Aditya Rizqi
Applied Accounting and Management Review (AAMAR) Vol. 4 No. 1 (2025): APPLIED ACCOUNTING AND MANAGEMENT REVIEW (AAMAR)
Publisher : Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/aamar.v4i1.6569

Abstract

Increased investor interest in stocks that have sustainability principles (ESG), but price fluctuations that tend to be more stable in the IDX ESG Leaders index often make investors face challenges in obtaining optimal returns. ndex IDX ESG Leaders itself consists of 30 stocks that have good Environmental, Social, and Governance (ESG) assessments, solid financial performance, and high liquidity. The results showed that the resulting optimal portfolio provided an expected return of 0.06% with a risk of 0.68%. This portfolio consists of 9 stocks, namely ASII (17.66%), BMRI (12.85%), BRPT (1.68%), CTRA (7.14%), ICBP (20.77%), POWR (29.39%), PRDA (3.76%), RAJA (3.17%), and SMSM (3.58%).
Social Media and The Boycott Behavior of Indonesian Investors due to The Israeli-Palestinian Conflict: The Role of Hatred as a Mediator Kusuma, Septian Yudha; Wahyuni, Mirasanti; Makom, Maharani Rona; Widiarto, Ardian; Martia, Dina Yeni
IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita Vol 14 No 2 (2025): IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita - December
Publisher : LPPM ISNJ Bengkalis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46367/iqtishaduna.v14i2.2524

Abstract

Objective: The ongoing boycott movement of products affiliated with Israel has caused a decline in sales and could potentially lower stock prices. This study focuses on the perspective of investors in the behavior of boycotting Israeli-affiliated companies, with antecedents of the role of social media and hatred. Methods: This study used random and simple snowball sampling techniques and collected 358 respondents. Respondents received the accessible questionnaires via social media and direct delivery. The statistical procedures applied for hypothesis testing include validity and reliability testing, discriminant validity, multicollinearity, heterotrait-monotrait ratio (HTMT), and direct and mediation hypothesis testing. Results: The study shows that hatred significantly arises from social media exposure; social media and hatred influence stock boycott behavior. In contrast, hatred is important in mediating the influence of social media and investor behavior. Recommendation: The study's results provide empirical evidence and contributions regarding the factors influencing investors' boycott behavior and enrich the literature on the antecedents and consequences of intentions in investment boycotts.
THE EFFECT OF FINANCIAL MANAGEMENT BEHAVIOR, SELF-EFFICACY AND HERDING BEHAVIOR ON INVESTMENT DECISIONS MEDIATED BY E-TRUST Khorimah, Nanda Ainur; Martia, Dina Yeni; Aprilia, Amanda Eka; Jamilah, Cahaya Nur; Pamungkas, Excel Surya
Jurnal Ilmiah Ekonomi Bisnis Vol. 30 No. 3 (2025)
Publisher : Universitas Gunadarma

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35760/eb.2025.v30i3.25

Abstract

The phenomenon shows that Generation Z tends to choose fast and efficient digital services, including investment applications, as their trust in technology fosters a sense of comfort and security in transactions. This study aims to evaluate the effects of financial management behavior, self-efficacy, and herding behavior on investment decisions, with e-trust as a mediating variable. A quantitative approach was applied using structural equation modeling (SEM-PLS) with a sample of 114 active students from Politeknik Negeri Semarang who had invested in stocks. The research instrument employed a 4-point Likert scale to measure the five variables. The results indicate that e-trust has a significant effect on investment decisions, and herding behavior significantly influences e-trust. Conversely, financial management behavior and self-efficacy show no significant direct or indirect effects on either e-trust or investment decisions. The mediation analysis confirms that e-trust only mediates the relationship between herding behavior and investment decisions, but not the other variables. The R² values for e-trust (91.6%) and investment decisions (93.7%) suggest relatively high predictive power, though potential overfitting should be considered. The findings highlight the importance of building digital trust and acknowledging social influence in financial education strategies and the development of investment platforms, particularly for gen Z.
COGNITIVE BIAS EFFECTS ON POLYTECHNIC STUDENTS’ INVESTMENT DECISIONS IN SEMARANG Andriani, Dwi; Martia, Dina Yeni; Mustofa, Dzulqarnaen Arief; Febrianti, Mutiara; Setiyani, Rini; Christy, Xarista
RISET: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Vol. 8 No. 1 (2026): RISET : Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis
Publisher : Kesatuan Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/riset.v8i1.2705

Abstract

The rapid growth of young investors in Financial reflects increasing engagement with the capital market, yet novice investors remain vulnerable to cognitive biases in decision-making. This study investigates the influence of self-attribution bias (internal and external), confirmation bias, and overconfidence bias on investment decision-making among undergraduate Polytechnic students in Semarang. A quantitative research design was employed using a structured questionnaire, and the data collected from 117 respondents were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Findings reveal that internal self-attribution bias significantly affects investment decisions, both directly and through its mediating role in overconfidence bias. In contrast, confirmation bias showed a financially significant effect on investment behavior. The study concludes that internal psychological attributions, particularly beliefs in personal competence, are key drivers of student investor behavior. These results underscore the importance of integrating behavioral finance and awareness of cognitive biases into financial education to support more rational, informed investment decisions.
How Can Sharia-Compliant Investments Minimize Risk Without Sacrificing Returns? Prameswari, Amelia; Martia, Dina Yeni; Rois, Muhammad
EQUILIBRIUM Vol 13, No 1 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i1.30187

Abstract

This research examines how sharia-compliant investments can minimize risk without sacrificing returns through portfolio optimization. Using the Single Index Model (SIM) and Capital Asset Pricing Model (CAPM), this study evaluates the performance of stocks in the IDX Sharia Growth index from November 2022 to October 2024. Data from 30 companies were analyzed, with stock returns based on daily closing prices, Bank Indonesia Certificates as a proxy for risk-free returns, and the Composite Stock Price Index for market returns. Stocks were ranked based on Excess Return to Beta (ERBi), and the optimal portfolio was determined using the cut-off rate. The results show that the SIM portfolio (12 stocks) offers higher returns with lower risk, while the CAPM portfolio (15 stocks) provides similar returns to individual stocks but with lower risk. The findings confirm that sharia-based portfolio optimization effectively reduces risk while maintaining returns, providing valuable insights for investors seeking sharia-compliant financial strategies.
DO IDX30 INVESTMENT STOCKS OFFER OPTIMAL RISK–RETURN TRADEOFFS? A POST-COVID STUDY Kenneth Pinandhito; Nguyen Thi Kim Lien; Dina Yeni Martia; Alvianita Gunawan Putri; Junaedi Adi Prasetyo
Applied Accounting and Management Review (AAMAR) Vol. 5 No. 1 (2026): APPLIED ACCOUNTING AND MANAGEMENT REVIEW (AAMAR)
Publisher : Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/aamar.v5i1.7578

Abstract

This study aims to analyze the formation of an optimal portfolio of stocks based on the Markowitz model in IDX Quality30 companies post covid from January 2021 to December 2022. The secondary data used are daily closing stock prices. The samples in this study were 19 companies. The analysis results show that ten stocks are optimal portfolio candidates: ASII, BBCA, BMRI, ITMG, KLBF, MIKA, PTBA, SIDO, TLKM, and UNTR. The optimal portfolio formation of the Markowitz model consists of 10 issuers with proportions, namely SIDO 30.81%, TLKM 15.61%, MIKA 12.09%, KLBF 11.90%, BBCA 8.64%, ASII 7.39%, PTBA 5.35%, UNTR 3.73%, ITMG 3.53%, BMRI 0.94%. The proportion of funds generated can provide an expected return value of 0.047% with a risk level (standard deviation) of 0.885%.
KEPUASAN PENGGUNA DALAM MENGGUNAKAN E-LEARNING: PENERAPAN TECHNOLOGY ACCEPTANCE MODEL PADA E-LEARNING POLINES Bagas Putra Pradana; Nina Woelan Soebroto; Dina Yeni Martia; Aditya Rizqi Senoaji; Triloka Mahesti
Jurnal Aktual Akuntansi Keuangan Bisnis Terapan (AKUNBISNIS) Vol. 9 No. 1 (2026): Vol. 9 No. 1 Mei 2026
Publisher : Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/akunbisnis.v9i1.7548

Abstract

Pemanfaatan E-Learning dalam pendidikan tinggi menjadi salah satu strategi penting dalam mendukung efektivitas proses pembelajaran. Variabel yang diteliti meliputi Perceived Usefulness, Perceived Ease of Use, Intention to Use, dan User Satisfaction. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei melalui penyebaran kuesioner kepada 93 mahasiswa Politeknik Negeri Semarang yang telah menggunakan E-Learning Google Classroom Polines. Teknik analisis data menggunakan Partial Least Square–Structural Equation Modeling (PLS-SEM) dengan bantuan perangkat lunak SmartPLS. Hasil penelitian menunjukkan bahwa Perceived Usefulness dan Perceived Ease of Use berpengaruh positif dan signifikan terhadap Intention to Use. Perceived Ease of Use juga berpengaruh positif dan signifikan terhadap User Satisfaction, sedangkan Perceived Usefulness dan Intention to Use tidak berpengaruh signifikan terhadap User Satisfaction. Hasil pengujian mediasi menunjukkan bahwa Intention to Use tidak mampu memediasi pengaruh Perceived Usefulness maupun Perceived Ease of Use terhadap User Satisfaction.