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Faktor Faktor yang Mempengaruhi Gen Z di Universitas Dian Nuswantoro dalam Penggunaan Pinjaman Online Klarisa Widiana Pratiwi; Ariati Anomsari; Dwi Eko Waluyo; Fakhmi Zakaria
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i6.11803

Abstract

The development of financial technology has driven the increasing use of online loans among Generation Z, who are adaptable to technology and have a digital lifestyle. This study aims to analyze the influence of perceived ease of use, lifestyle, and trust on the interest in using online loans among students at Dian Nuswantoro University. The approach used was quantitative with a purposive sampling technique on respondents aged 18–26 who had used online loans in the past six months. Data were collected through a Likert-scale questionnaire and analyzed using PLS-SEM assisted by SmartPLS. The results showed that all variables had a positive and significant effect on interest in use, with lifestyle being the most dominant factor, followed by trust and perceived ease of use. These findings indicate that Generation Z's interest is driven not only by technical aspects, but also by lifestyle and confidence in the security of services. Therefore, increasing financial literacy is needed to make the use of online loans more prudent.
Analisis Prediksi Financial Distress Menggunakan Model Altman Z-Score Modifikasi dengan Pendekatan Benchmarking pada PT Gudang Garam Tbk Wilda Komala Viani; Ariati Anomsari; Dwi Eko Waluyo; Yenny Ernitawati
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i6.12078

Abstract

The purpose of this study is to evaluate PT Gudang Garam Tbk's financial situation and use the Modified Altman Z-Score model to forecast future financial difficulties. In addition, this study conducts a benchmarking analysis with peer companies in the tobacco industry listed on the Indonesia Stock Exchange (IDX) to determine the company’s relative position. Using financial statement data from 2019 to 2025, this study uses a quantitative descriptive methodology. To strengthen the analysis, a difference test was conducted using the Wilcoxon Signed Rank Test due to the non-normal distribution of the data. The results indicate that PT Gudang Garam Tbk consistently remains in the “healthy” category, with Z-Score values above the safe threshold (>2.6), suggesting no indication of financial distress. The difference test results show no significant difference between PT Gudang Garam Tbk and PT HM Sampoerna Tbk as well as PT Wismilak Inti Makmur Tbk, while a significant difference is found when compared to PT Indonesian Tobacco Tbk. These findings suggest that PT Gudang Garam Tbk maintains a relatively stable and competitive financial position within the tobacco industry.
Peran Mediasi Overconfidence dan Persepsi Risiko pada Hubungan Literasi Keuangan terhadap Keputusan Investasi Generasi Z di Semarang Krisna Kurniawan; Pradana Jati Kusuma; Dwi Eko Waluyo; Fakhmi Zakaria
Jurnal EMT KITA Vol 10 No 4 (2026): OCTOBER 2026
Publisher : Lembaga Komunitas Informasi Teknologi Aceh (KITA), Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/emt.v10i4.7305

Abstract

The increasing number of Generation Z investors in Indonesia indicates that investment decisions are influenced not only by financial literacy but also by psychological factors. This study aims to explore the impact of financial literacy on investment decisions, using overconfidence and perceived risk as mediating variables, and focusing on Generation Z investors in Semarang. A quantitative approach was used, with a sample of 123 respondents and PLS-SEM analysis conducted using SmartPLS 4 software. The results show that financial literacy, overconfidence, and perceived risk all have a significant positive impact on investment decisions. Furthermore, overconfidence and perceived risk mediate the relationship between financial literacy and investment decisions. These findings suggest that good financial literacy helps investors make more accurate investment decisions.
IMRAD, synthesis, and hedging within expert academic writing to encourage a world discussion platform Jumanto Jumanto; Dwi Eko Waluyo; Aris Puji Purwatiningsih; Pulung Nurtantio Andono; Raden Arief Nugroho; Ismarita Ramayanti; Asnul Dahar Bin Minghat
Studies in English Language and Education Vol 11, No 3 (2024)
Publisher : Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/siele.v11i3.34776

Abstract

This paper examines IMRAD, synthesis, and hedging within expert academic writing to encourage a world discussion platform and to enhance manuscript writing for internationally reputable journals. The research utilized 25 Quartile-1 Scopus-indexed articles from 25 scholarly journals from 2022 and 2023 publications across different subject areas. Through online searching, observation, and interpretive techniques, the patterns of IMRAD, its synthesis, and the use of hedging within the synthesis were analyzed and identified as crucial elements for creating a manuscript that serves as a world discussion platform. Based on the systematic observation and interpretation of the 25 data sources, the research findings were discussed across three aspects: the IMRAD pattern, synthesis, and hedging. The findings revealed that symmetrical IMRAD patterns were rarely employed by authors of Quartile-1 Scopus-indexed journals, with various patterns being applied and the largest proportion focusing on different aspects. Synthesis was utilized by all authors of the 25 journal articles, and hedging or cautious language was used by most authors. Authors worldwide may benefit from the results of this research when writing manuscripts to be submitted to internationally reputable journals. Additionally, academic writing teachers can use the proposed interpretive model and research results to teach expert academic writing to their students, thus enhancing the quality of student academic writing and enabling the publication of their papers in internationally reputable journals.
Optimization Of Portofolio Using NSGA-II Between Conventional and Shariah Stocks in Turkey Marselly Dewa Utama; Dwi Eko Waluyo; Ana Kadarningsih; Pradana Jati Kusuma
Journal of Management Economics and Financial Accounting Vol. 2 No. 1 (2026): June: Journal of Management Economics and Financial Accounting (JOMEFA)
Publisher : Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/nee31631

Abstract

This study addresses the critical need for effective portfolio optimization in investment decision-making, particularly given the increasing complexity of stock types and classifications, such as conventional and Sharia-compliant indices in Turkey. This research aims to: (1)identify the optimal stock combinations across conventional, sharia, indexed in both, and combined, (2) analyze their efficient frontiers, and (3) compare performance ratios (Sharpe, Sortino, Omega) and expected returns for each group. Using a quantitative descriptive method, this study applies the Non-Dominated Sorting Genetic Algorithm II (NSGA-II) to optimize portfolios based on historical daily closing prices of BIST100 and KATILIM50 index stocks from January 3, 2022, to December 30, 2025. This finding indicates a trade-off between risk and return across all portofolio groups. A conventional portfolio alone offers the highest expected returns but also higher risk, while a Sharia-compliant portfolio alone provides lower returns and risk, suitable for investors who prioritize Sharia compliance. The combined portfolio group showed superior risk-adjusted performance, particularly in the Sharpe and Omega ratios, indicating better diversification potential with lower risk and competitive returns. Meanwhile, groups that are listed on both indices performed moderately. This research provides valuable academic references for technical and fundamental analysis in portfolio management, emphasizing that optimal portfolio selection is highly dependent on investor risk preferences.
NSGA-II Portfolio Optimization: A Comparison of Shariah Stocks (JII70) and Conventional Stocks (LQ45) Delila Nasywa Ramananda; Dwi Eko Waluyo; Ana Kadarningsih; Suhita Whini Setyahuni
Journal of Management Economics and Financial Accounting Vol. 2 No. 1 (2026): June: Journal of Management Economics and Financial Accounting (JOMEFA)
Publisher : Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/aqjrqs74

Abstract

This study analyzes and compares the performance of shariah and conventional stock portfolios in the Indonesian capital market using the Non-Dominated Sorting Genetic Algorithm II (NSGA-II) method. The study uses daily closing stock price data from January 3, 2022, to December 30, 2025, which was processed into measures of return and risk as the basis for portfolio construction. Optimization was performed by maximizing expected return and minimizing risk to generate an efficient frontier. Portfolio performance was then evaluated using the Sharpe Ratio, Sortino Ratio, and Omega Ratio. The results show that the shariah stock portfolio outperformed the conventional stock portfolio, as evidenced by a Sharpe Ratio of 0.15 compared to 0.04. Nevertheless, a combination portfolio consisting of shariah stocks and conventional stocks yielded the best overall performance, with a Sharpe Ratio of 0.15, a Sortino Ratio of 0.22, and an Omega Ratio of 1.56. These findings indicate that diversification between shariah and conventional stocks can enhance portfolio efficiency and generate more optimal performance compared to using each group of stocks separately. Thus, the NSGA-II method has proven effective in generating optimal portfolios to support investment decision-making in the Indonesian capital market.
Financial Performance As Mediator Between Size, Liquidity, And Ownership On Firm Value B. Andini Nugrahaning Widhi; Herry Subagyo; Retno Indah Hernawati; Vincent Didiek Wiet Aryanto; Dwi Eko Waluyo
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 1 (2025): Artikel Riset Periode Januari 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i1.2504

Abstract

The world economy has been in turmoil for the past five years, causing an impact on the company's economy due to the Covid-19 pandemic. where this study is to explore how financial performance mediates the impact of company size, liquidity, and foreign ownership on company value in the consumer goods industry listed on the Indonesia Stock Exchange during 2018 to 2022. Regression analysis, along with the Sobel test, is used to test this relationship. Interestingly, despite the expectation that financial performance can bridge the gap between the independent and dependent variables, the results of the Sobel test show no mediation effect. As a result, the relationship between company size, liquidity, foreign ownership, and company value is direct. For further research, expanding the scope of the study to cover various sectors, extending the time period, and combining various financial ratios can provide a more comprehensive understanding.
Peran Mediasi Financial Behavior: Income, Financial Literacy, dan Digital Literacy terhadap Investment Decisions pada Generasi Z di Kota Semarang Izha Rachma Navila; Fakhmi Zakaria; Dwi Eko Waluyo; Dian Prawitasari
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 6 No. 2 (2026): Juli : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v6i2.11538

Abstract

Although 55.07% of capital market investors are under 30 years old and IMDI in Semarang City is very high (58.59), approximately 20-30% of Generation Z still demonstrate suboptimal levels of financial literacy, digital literacy, financial behavior, and investment decision making. This study aims to analyze the influence of income, financial literacy, and digital literacy on investment decisions with financial behavior as a mediating variable among Generation Z in Semarang City. The research method used a quantitative approach with purposive sampling of 115 respondents and was analyzed using PLS-SEM through SmartPLS 4.0. The results show that financial literacy and digital literacy have a significant positive effect on financial behavior and investment decisions, financial behavior has a significant positive effect on investment decisions, and is able to mediate the influence of financial literacy and digital literacy, but income has no effect either directly or through the mediation of financial behavior.
Comparison of Markowitz and Genetic Algorithm Models for Saudi Arabian Stocks Mega Tri Candeni; Dwi Eko Waluyo; Ana Kadarningsih; Yenny Ernitawati
Journal of Management Economics and Financial Accounting Vol. 2 No. 1 (2026): June: Journal of Management Economics and Financial Accounting (JOMEFA)
Publisher : Denasya Smart Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69714/z0rwmk14

Abstract

This study aims to compare the Markowitz method and the Genetic Algorithm in forming an optimal portfolio in the Saudi Arabian stock market, which is known to have dynamic characteristics and high levels of volatility due to the influence of economic reforms, oil price fluctuations, and integration with global markets. The study uses daily closing price data for companies indexed in the Tadawul All Share Index for the period January 2, 2022, to October 30, 2025, obtained through Yahoo Finance. Sample selection uses a purposive sampling method based on data completeness and Coefficient of Variation selection. The optimization process is carried out using the Python programming language through the Efficient Frontier Markowitz approach and the Genetic Algorithm. While portfolio performance evaluation is carried out using the Sharpe Ratio, Sortino Ratio, and Omega Ratio to obtain a more comprehensive assessment of risk and return efficiency. The results show that the Markowitz method tends to produce higher expected returns, but with a greater level of risk, while the Genetic Algorithm produces a portfolio with a relatively lower level of risk and more stability. Furthermore, conventional stock portfolios performed better than Islamic stock portfolios based on the performance ratio evalu-ation used. This finding suggests that portfolio optimization methods should be tailored to investor risk preferences and the characteristics of the investment market.
Pengaruh Volume, Volatilitas, dan Market Cap terhadap Return Bitcoin, Ethereum, BNB 2022-2024 Muhammad Faraz Alan Albana; Maria Safitri; Dwi Eko Waluyo; Amalia Nur Chasanah
Jurnal Manajemen Bisnis dan Keuangan Vol 7 No 1 (2026): April 2026
Publisher : https://jurnal.binamandiri.ac.id/

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51805/jmbk.v7i1.500

Abstract

Perkembangan mata uang kripto sebagai instrumen investasi digital telah mengalami pertumbuhan pesat dalam beberapa tahun terakhir. Namun, pasar mata uang kripto juga sering mengalami fenomena crypto winter, yaitu periode penurunan harga aset kripto yang signifikan yang menyebabkan volatilitas tinggi dan meningkatnya ketidakpastian pasar. Mengingat keadaan ini, sangat krusial guna memeriksa volume perdagangan, volatilitas harga, serta kapitalisasi pasar, di antara variabel-variabel lain, yang bisa memengaruhi keuntungan mata uang kripto. Maksud dari studi ini ialah guna mengkaji bagaimana volatilitas, volume perdagangan, dan kapitalisasi pasar memengaruhi imbal hasil Bitcoin, Ethereum, dan BNB selama periode 2022–2024. Riset ini menerapkan teknik kuantitatif dengan menggunakan data sekunder dari Binance Coin (BNB), Bitcoin, dan Ethereum setiap hari dari tahun 2022 hingga 2024. Regresi data panel, dibantu oleh EViews 13, dipergunakan untuk menganalisa data. Temuan mengindikasikan bahwasanya pengembalian bitcoin dipengaruhi secara positif serta signifikan oleh volatilitas harga, tetapi tidak terpengaruh oleh volume perdagangan dan kapitalisasi pasar. Berlandaskan hasil ini, volatilitas harga, bukan variabel seperti volume perdagangan atau kapitalisasi pasar, ialah penentu utama perubahan return bitcoin.
Co-Authors Adistyana Mardhyatus Sholihah Agus Prayitno Agus Prayitno Alifa Mei Ajeng Rahayu Amalia Nur Chasanah Amalia, Fariza Amron Amron Amron Amron Amron Amron, Amron Ana Kadarningsih Kadarningsih Anggaini, Fitria Anggraini , Fitria Dewi Puspita Anisya Dwi Deviyanti Aprianti Aprianti, Aprianti Aprillia Fananditya Ariati Anomsari Ariati Anomsari Aris Puji Purwatiningsih Asnul Dahar Bin Minghat B. Andini Nugrahaning Widhi Banu, Azlina Batara David Martin Siregar Belladiena, Alfiena Nisa Belzara, Ghea Syahnita Brian Au Batuwael Cahya, Handy Nur Choirunisha, Zalfa Adira Cinantya Paramita Delila Nasywa Ramananda Devi Wahyuni Dewi Agustini Dewi Pergiwati Dian Prawitasari Dian Prawitasari Diana Aqmala Diana Puspitasari Dwi Nurul Izzhati Eli Martohap Sinaga Emira Imania Utami Fakhmi Zakaria Fariza Amalia Fauzi Adi Rafrastara Febriana, Artha Galih Sephiani Rafika Duri Goh, Gerald Guan Gan Handy Nur Cahya Hayu Wikan Kinasih Herlambang, Maulana Yusuf Hernanti, Sania Bunga Pradani Herry Subagyo Herry Subagyo Herry Subagyo Ilyas, Kamal Irvan Wijaya Ismarita Ramayanti Izha Rachma Navila Jumanto Jumanto Kamila Nasywa Putri Klarisa Widiana Pratiwi Krisna Kurniawan Kurniawati, Firlia Ayuk Kusuma, Pradana Jati Lenni Yovita Makhbub Zunaidi Maria Safitri Marselly Dewa Utama Mega Ayu Lestari Mega Tri Candeni Mila Elmeida Mochammad Eric Suryakencana Wibowo Muhammad Alvinnur Budiansyah Muhammad Faraz Alan Albana Muhammad Lukmanul Hakim Nadiyatul Mustaufidah Nisrina Hesi Rahmaningtyas Nohan, Rajendra Nurman Ilham Fadzilah Paramita, Cinantya Perdana, Reza Kresna Pergiwati, Dewi Permatasari, Noviana Putri Pitaloka Andry Kirana Pradana Jati Kusuma Pradana Jati Kusuma Pramudianto, Chori Baskoro Prawitasari, Dian Pulung Nurtantio Andono Purnomo, Ardiansyach Maulana Puspita Azura Diva Rachmalia Puteri Kusuma Dewi Raden Arief Nugroho Rahayu, Alifa Mei Ajeng Ramasamy, Suganthi Respati Wulandari Retno Indah Hernawati Sarah Setyaningrum Sasongko, Teguh Haryo Setiawan, Aries Setyani, Putri Desti Setyo Wahyu Sulistyono Setyo Wahyu Sulistyono Shabira, Azra Salma Sih Darmi Astuti Sih Darmi Astuti Sintaruli Siahaan Siti Fitriyyatul Jamilah Suhita Whini Setyahuni Uci Yuliati udzma, Dyah Safa’atul Ukhti Maylita Haryani Usman Usman Usman Usman v, Amalia Nur Vania Puspita Sari Vicky Oktavia Vicky Oktavia Vicky Oktavia Vincent Didiek Wiet Aryanto Vivia Irvani Wijayanti Wijayanti Wilda Komala Viani Yenny Ernitawati Yenny Ernitawati YESHA NU'MA ARULA PUTRI Zakaria, Fakhmi Zamani, Daffa Ulya