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All Journal Trikonomika: Jurnal Ekonomi JAM : Jurnal Aplikasi Manajemen Jurnal Ilmiah Ekonomi Islam Jurnal Manajemen Indonesia Jurnal Mitra Manajemen JIM UPB (Jurnal Ilmiah Manajemen Universitas Putera Batam) SEIKO : Journal of Management & Business Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan JIKA: Jurnal Ilmu Keuangan dan Perbankan Journal of Humanities and Social Studies Almana : Jurnal Manajemen dan Bisnis JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Abdimas Umtas : Jurnal Pengabdian kepada Masyarakat MBIA Jurnal Ilmiah Akuntansi Manajemen JASF (Journal of Accounting and Strategic Finance) Jurnal Riset Akuntansi Kontemporer Jurnal Syntax Transformation Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Management and Bussines (JOMB) International Journal Of Science, Technology & Management (IJSTM) Journal of Economics and Business UBS Jurnal Ekonomi Efektif Jurnal Ekonomi Jurnal Abdi Masyarakat Indonesia International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Jurnal Pengabdian Masyarakat Akademisi IJFBP International Journal of Family Business Practices Jurnal Ilman: Jurnal Ilmu Manajemen Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Jurnal Indonesia Sosial Teknologi Journal Research of Social Science, Economics, and Management eProceedings of Management Enrichment: Journal of Multidisciplinary Research and Development INTERNATIONAL JOURNAL OF ECONOMICS AND MANAGEMENT REVIEW Majority Science Journal Jurnal Penelitian Pendidikan Indonesia In Search (Informatic, Science, Entrepreneur, Applied Art, Research, Humanism) Journal of Global Economic Research Proceeding of Community Service and Engagement
Irni Yunita
Universitas Telkom
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Journal : international journal of economics and management review

 1 
Optimization of Stock Portfolio Investment on the IDXHIDIV20 Index Using the Single Index Model and Markowitz Model Approach for Beginner Investors Hamudin, Piko; Yunita, Irni
INTERNATIONAL JOURNAL OF ECONOMICS AND MANAGEMENT REVIEW Vol 3 No 3 (2025): Current issue 9
Publisher : SMARTINDO

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58765/ijemr.v3i3.283

Abstract

Purpose - This study investigates the construction of optimal stock portfolios using the Single Index Model (SIM) and the Markowitz Mean-Variance Model (MM), applied to the IDX High Dividend 20 (IDXHIDIV20) index. With a growing number of novice investors in Indonesia, understanding which classical model offers better guidance for dividend-oriented investing is increasingly essential. Design/methodology/approach - A descriptive quantitative approach was used, employing weekly secondary data of 20 IDXHIDIV20 constituents from 2019 to 2024. The SIM was applied through regression-based estimations and excess return-to-beta ranking, while the Markowitz Model utilized a full variance-covariance matrix with Excel Solver optimization. Originality -  This research contributes empirical evidence to modern portfolio theory by comparing the effectiveness of SIM and MM in the context of novice investors in emerging markets. It also incorporates the relevance of sustainability factors through dividend strategies. Findings and Discussion - The Markowitz portfolio consistently outperforms the SIM portfolio in both return and risk dimensions, achieving an expected annual return of 23.56% with a standard deviation of 2.81%, compared to SIM's 22.96% return with 5.89% volatility. While the SIM offers practical simplicity for novice investors, the MM provides superior diversification through covariance-based optimization. These findings validate the importance of robust model selection in portfolio strategy. Conclusion - The Markowitz Model is preferable for investors with access to analytical tools and data due to its superior risk-return performance, while SIM remains a valuable approach for those with limited resources. The study enhances financial education and supports informed investment decisions for dividend-focused strategies in emerging markets.
Analysis of Bankruptcy Prediction Accuracy Using the Altman Z-Score, Springate, Taffler, and Zmijewski Models in Property & Real Estate Companies Listed on the IDX (2020-2023) Marpaung, Alvin Matheus Reinhard; Yunita, Irni
INTERNATIONAL JOURNAL OF ECONOMICS AND MANAGEMENT REVIEW Vol 4 No 1 (2026): Current issue 10
Publisher : SMARTINDO

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58765/ijemr.v4i1.374

Abstract

Purpose – This research assesses bankruptcy predictions derived from various models to identify the most accurate approach, especially for real estate companies that are publicly traded and listed on the Jakarta Stock Exchange between 2020 and 2023. It also seeks to examine the bankruptcy tendencies of each chosen company, as indicated by the respective models. Design/methodology/approach – Evaluating a company's financial stability necessitates a comprehensive analysis employing models such as the Altman, Springate, Taffler, and Zmijewski Z-score to forecast the potential hazards of future insolvency. Originality – This research assesses the bankruptcy prognosis scores of real estate firms by comparing them to actual outcomes, as demonstrated by the net losses incurred between 2020 and 2023. To select the model exhibiting the highest accuracy and the lowest error rates, Type I and Type II error analyses are conducted. Findings and Discussion – Taffler's model predicts real estate company bankruptcy best, followed by Altman Z-Score and Zmijewski, and Springate's least accurately. It recommends that enterprises continuously assess financial performance, refrain from incurring excessive debt, maintain adequate current assets to fulfill liabilities, and improve profit margins. Conclusion – This study recommends that companies perform regular financial assessments, limit reliance on debt to finance assets, maintain sufficient current assets to cover liabilities, and work on improving profit margins.
Co-Authors Abdul Mukti Soma Adelia Nandira Maharani Adi Katon Pamungkas Adithya Yudha Agita Putra Pramana Agus Afrianingsih, Dwi Aisha Nur Izzati Aisha Nur Izzati Aldilla Iradianty Almira Iffa Fauzia Andini Pujasari Anggara Ramadhan Anggita Prameswari Anisah Firli Aprianto, Fadly Ayu Nur Rahmadhani Azizah, Reza Noor Bayu Aji Prasetyo Bella Salsabilla Cahyaningsih Cahyaningsih2 Damiao Maia, Graciano Andre Darussalam Darussalam Della Ferranti Della Ferranti, Della Dematria Pringgabayu Destyana, Devica Puteri Dian Novita Bukit Diva Rifayani Dwi Kurniawan, Dwi Dyah Ajeng Mulatsih Erie Febrian Fachrizal, Fiqhi Fadly Aprianto Fajar Sidiq Adi Prabowo Fajra Octrina Fiqhi Fachrizal Firmansyah, Fandi Firrisa Tsamara Munica Fitri Amanda Zuchrinata Gadis Arimbi Puspita Graciano Andre Damiao Maia Graciano Andre Damiao Maia Gushendri, Adzra Helga Engrasia Gustyana, Tieka Tri Kartika Hamudin, Piko Ihsan, TB Aria Maulana Irani, Annisa Salsabila Dwitha Jamhari Jamhari Jeffry Frans Rinaldo Silaban Kevin Krisna Khoirunnisa Az-Zahra Kishi Alandra Maghfirah Izani Desta Maria Apsari Sugiat Marpaung, Alvin Matheus Reinhard Marwa Dewi Ahdiyati Salim Mauli Permata Sari Meuthia Rahmawati Milleniasari, Poeti Annisa Muhammad Farhan Muhammad Farid Pratama Muhammad Iqbal Alamsyah Naurah Salsabila Naurah Salsabila Ramadhana Novemrian, Yandi Nuraulia, Naifah Nurhakim, Eko Sanjaya Nurwijayanti Palti Sitorus Piamalia, Novita Nur Priyambodo, Muhammad Ganang Puspita*, Gadis Arimbi Putri, Devina Dianra Putri, Salsabila Fadila Rahmawati, Meuthia Ratna Komala Putri Ratna Lindawati Lubis Ratna Lindawati Lubis Ray Burton Reza Noor Azizah Ria Ratna Ariawati Rina Indiastuti Rinaldi, Muhammad Adrian Daffa Nadino Rinaldo Silaban, Jeffry Frans Risanti, Sherly Nur Aulia Roderta Cahya Diputra Safitri Puji Lestari Sagung Desy Pratami, A.A Salma Salimah Salsabila Fadila Putri Sugiat, Maria Tiara Putri Nadiwa Trihandayani*, Deri Vanessa Eleanor Saaba Yudha, Adithya Yusoff, Yusliza Mohd