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ACCURACY LEVEL OF CAPM AND APT MODELS IN DETERMINING THE EXPECTED RETURN OF STOCK LISTED ON LQ45 INDEX Yunita, Irni; Gustyana, Tieka Tri Kartika; Kurniawan, Dwi
Jurnal Aplikasi Manajemen Vol. 18 No. 4 (2020)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2020.018.04.17

Abstract

This study determines the accuracy level of CAPM and APT in determining the expected return of LQ45 and comparing the expected return from CAPM and APT models. This study uses descriptive and comparative research approaches. The population is all stocks listed in the LQ45 index while the sampling method used is purposive sampling with stock criteria that have complete data for the period November 2015 - November 2019. This study uses an independent sample t-test in testing the expected return differences between the CAPM and APT models. The result showed that the CAPM Model was more accurate in determining the expected return of LQ45 stocks compared to the CAPM method. The result also showed that there was a significant difference in expected return between CAPM and APT models. Based on this result, investors can use the CAPM model in predicting the returns of the stock listed on the LQ45. For further research, can use another index in the capital market as a research object, used a longer period to get a more accurate result, and add some more macro variables.
The Key of Customer’s Satisfaction and Loyalty: E-Service Quality, Price, and Trust Fiqhi Fachrizal; Maria Apsari Sugiat; Irni Yunita
Journal of Economics and Business UBS Vol. 12 No. 6 (2023): Special Issue
Publisher : UniSadhuGuna Business School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/joeb.v12i6.1281

Abstract

Some companies do not reach sustainability because of the lack of innovation in products, services, and marketing, With the aim of growing the customer count as well as to maintain existing customers. Currently, competition in the telecommunications industry is very tight due to the increasing number of internet providers, such as Indihome, Biznet, Iconnet, and other official and unofficial local ISPs. Internet provider companies must be able to enhance the quality of services and products that are capable of reaching various economic levels, including upper, middle, and lower levels, as the demand for internet continues to grow, even in rural areas. This research endeavors to analyze e-service quality, web design, price, and trust affect the level of satisfaction and loyalty of Indihome customers. The quantitative research design is being utilized. The type of research used is descriptive. New Indihome users in the Datel Situbondo area were the focus of the study who started subscribing since the first semester period of 2022, which totalled 1059 people. Researchers used purposive sampling technique to collect sample of 290 respondents. This research covers Situbondo Representative Office area which is divided into 4 regions, consisting of Situbondo, Mlandingan, Besuki, and Asembagus. Drawing from the research results, e-service quality, price, and trust each have a positively effect on customer satisfaction and customer loyalty. Customer satisfaction is related to customer loyalty. As customer satisfaction rises, so does customer loyalty.
ANALYSIS OF INVESTMENT FEASIBILITY AND SENSITIVITY ANALYSIS FOR THE XYZ GEOTHERMAL POWER PLANT (GPP) DEVELOPMENT PROJECT Darussalam Darussalam; Irni Yunita
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 1 (2025): February
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i1.2465

Abstract

Currently, the electricity system of North Sulawesi Province is supplied by power plants including Geothermal Power Plant (GPP), Coal-fired Power Plant (CFPP), Hydroelectric Power Plant (HPP), Solar Power Plant (SPP), Diesel Power Plant (DPP), and Gas Turbine Power Plant (GTPP) with a total installed capacity of 589 MW. The Net Capacity (NC) of this system is approximately 492 MW and the Net Supply Capacity (SC) is around 462 MW, resulting in a gap between installed capacity, NC, and SC Over the past few years, the electricity sales growth in North Sulawesi Province has been quite high, around 7.8% based on sales data from 2011-2020, and is projected to continue growing. Additionally, it is expected that the Energy Mix from New and Renewable Energy sources should reach 23% by 2025, thus the development of new power plants from New and Renewable Energy sources can contribute to achieving this Energy Mix. This research is conducted as a further study regarding the feasibility of investing in the development of XYZ Geothermal Power Plant to provide added value for the company. The research method employed is quantitative descriptive method, which involves calculating the Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), Discounted Payback Period (PP), and Sensitivity Analysis (SA). The results show that the investment will be feasible if the capital source for the investment comes from corporate loans for the upstream sector and soft loans for the downstream sector of development, resulting in an NPV of 2,241 thousand USD, an IRR of 11.11%, a PI of 1.01, and a PP of 24 years. Furthermore, the analysis shows that the decision on the capital source is important, as it affects feasibility, and loan variables such as the interest rate in corporate loans and repayment years in soft loans are important factors to consider in increasing economic feasibility. On the other hand, if the best scenario is chosen—decreasing cost variables and increasing both the electricity tariff and capacity factor by 10% from the base scenario—it can result in higher economic feasibility. Moreover, the electricity tariff, capacity factor, production well cost, and power plant cost have the greatest impact on feasibility. Therefore, it is important to strive for the maximum value of the electricity tariff and capacity factor, while minimizing production well and power plant costs as efficiently as possible.
Peningkatan Kompetensi Digital UMKM Fesyen melalui Coaching Clinic Literasi Digital di Pasar Modern Sinpasa Bandung Pringgabayu, Dematria; Alamsyah, Muhammad Iqbal; Yunita, Irni; Yusoff, Yusliza Mohd
Jurnal Abdi Masyarakat Indonesia Vol 5 No 4 (2025): JAMSI - Juli 2025
Publisher : CV Firmos

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54082/jamsi.1939

Abstract

Pelaku Usaha Mikro, Kecil, dan Menengah (UMKM) di sektor fesyen menghadapi tantangan dalam mengadopsi teknologi digital untuk meningkatkan efisiensi dan daya saing. Pengabdian kepada masyarakat ini dilaksanakan di Pasar Modern SINPASA dengan tujuan meningkatkan kompetensi digital UMKM fesyen melalui pendekatan terpadu. Metode yang digunakan ialah coaching clinic partisipatif, workshop interaktif, sesi coaching bersama mentor digital sebagai pendamingan mingguan, serta simulasi langsung penggunaan teknologi dalam bisnis sehari-hari dan troubleshooting langsung di kios peserta. Proses pelaksanaan diawali dengan identifikasi kebutuhan, pre-test, penyampaian materi oleh narasumber, praktik lapangan dan pendampingan mingguan, serta evaluasi akhir melalui post-test. Kegiatan ini juga melibatkan kolaborasi multipihak yang terdiri dari unsur perguruan tinggi, pemerintah kelurahan, Dekranasda, pengelola pasar, dan komunitas UMKM lokal (CWS). Hasil kegiatan menunjukkan peningkatan signifikan dalam penggunaan media sosial, pemanfaatan QRIS, dan pengelolaan operasional berbasis digital. Kegiatan ini membuktikan bahwa pendekatan berbasis kebutuhan dan berorientasi praktik mampu mendorong transformasi digital UMKM secara nyata. Oleh karena itu, program ini memiliki potensi besar untuk direplikasi dan dikembangkan secara berkelanjutan sebagai model pemberdayaan UMKM di era ekonomi digital.
Promoting The Usage of Business Model Canvas for Tourism Development in Sugihmukti Village, Bandung Regency Irni Yunita; Fajar Sidiq Adi Prabowo; Aisha Nur Izzati
ABDIMAS: Jurnal Pengabdian Masyarakat Vol. 8 No. 1 (2025): ABDIMAS UMTAS: Jurnal Pengabdian Kepada Masyarakat
Publisher : LPPM Universitas Muhammadiyah Tasikmalaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35568/abdimas.v8i1.5740

Abstract

Based on Decree No. 556/Kep.770-Disbudpar/2022, issued in 2002, Sugihmukti Village in Bandung Regency was officially designated as a tourism village. Sugihmukti Village is known for its birdwatching activities conducted in collaboration with "Burung Indonesia" community which have drawn both domestic and international visitors. Aside from birdwatching, the tourist attractions offered by Sugihmukti Village are not significantly different from those of nearby villages. As a result, Sugihmukti Village is striving to enhance its brand recognition among tourists. We believe that through business model design training, the residents of Sugihmukti Village can uncover their hidden potential and establish a sustainable economic foundation for the future. Economic development at the village level plays a crucial role in improving community welfare. To promote economic development, training about designing business model in Sugihmukti Village is required. This training aims to empower the local community with skills that can boost the village's competitiveness and eventually economic welfare. Thus, a training session titled “Business Model Design Training in Sugihmukti Village, Bandung Regency.” This training is expected to have a significant positive impact on Sugihmukti Village by raising awareness on value proposition, optimizing local resources to enhance key activities, developing partnerships and networks, ensuring sustainability and risk mitigation, and improving community welfare. The delivery method of this training is a direct approach to the residents of Sugihmukti Village particularly those who are directly involved in managing the tourism village. The training is designed to deliver an effective learning process that will enhance both individual and group competencies in tourism. Hopefully, through this training, Sugihmukti Village can present itself as a unique and attractive tourist destination.
Constructing Optimal Portfolios Using the Single Index Model and Markowitz Model: A Study on Cryptocurrencies Nurhakim, Eko Sanjaya; Soma, Abdul Mukti; Yunita, Irni
JASF: Journal of Accounting and Strategic Finance Vol. 7 No. 2 (2024): JASF (Journal of Accounting and Strategic Finance) - December 2024
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v7i2.485

Abstract

This study analyzes the formation of optimal portfolios on cryptocurrency assets using the single index model and the Harry Markowitz model. This study covers 79 cryptocurrencies with the largest market capitalization during the period June 2023–June 2024. We calculate the optimal portfolio using the single index model and Markowitz, and evaluate its performance using the Sharpe Ratio. The results show that the Harry Markowitz model produces better portfolio performance compared to the single index model. The Markowitz portfolio produces a positive Sharpe ratio (1.8496), a portfolio return rate of 7.678%, and lower risk (0.0415). Conversely, the single index model portfolio shows a negative Sharpe ratio (-2.0971), indicating lower returns than risk-free assets. In addition, the Markowitz model offers more efficient diversification than the single index model. However, in general, both the Single Index Model and the Markowitz Model have a significant effect on the formation of optimal portfolios, with the Sharpe Index proving to be a significant mediator in the relationship between the two models and the optimal portfolio. The R-squared value shows that the SIM variables, Markowitz Model, and Sharpe Index explain 48.4% of the variation in the optimal portfolio. This study recommends the use of the Harry Markowitz model for cryptocurrency investment because it can provide higher returns with more controlled risks. This study provides important insights for investors on the strategy of diversifying cryptocurrency asset portfolios.
Analisis Perbandingan Kinerja Keuangan Sebelum Dan Saat Pandemi Covid- 19 Pada Sektor Food And Beverage Di Bursa Efek Indonesia Farhan, Muhammad; Yunita, Irni
eProceedings of Management Vol. 11 No. 5 (2024): Oktober 2024
Publisher : eProceedings of Management

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

Abstract

Pandemi COVID-19 telah memberikan dampak yang signifikan pada berbagai sektor industri, termasuk sektor Foodand Beverage. Penyebaran COVID-19 yang cepat memaksa pemerintah menerapkan kebijakan PSBB untukmembatasi aktivitas masyarakat di luar rumah. Kebijakan ini berdampak buruk pada perekonomian Indonesia. Salahsatu sektor yang terdampak adalah Food and Beverage, terutama dalam hal kinerja keuangan perusahaan. Penelitianini bertujuan untuk menganalisis dampak pandemi terhadap kinerja keuangan perusahaan di sektor Food and Beverageyang terdaftar di Bursa Efek Indonesia. Penelitian ini bersifat deskriptif komparatif dengan sampel sebanyak 21perusahaan Food and Beverage yang terdaftar di BEI, dipilih menggunakan teknik purposive sampling. Metodeanalisis yang digunakan adalah uji beda dengan fokus pada variabel rasio profitabilitas, likuiditas, aktivitas, dansolvabilitas. Hasil penelitian menunjukkan bahwa hanya Debt Equity Ratio (DER) yang mengalami perubahansignifikan sebelum dan sesudah pengumuman. Kata Kunci-current ratio, return on asset, total turn over ratio, debt equity ratio
The Effect of Profitability and Managerial Ownership on Financial distress with Capital Structure as Moderating Variabel Ihsan, TB Aria Maulana; Yunita, Irni
Journal of Global Economic Research Vol. 2 No. 2 (2025)
Publisher : Akademi Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62194/pm8ay555

Abstract

The construction industry in Indonesia decreasing in profits in the 2019-2023 period, with several large companies recording consecutive losses. This study aims to analyze the effect of profitability and managerial ownership on financial distress and identify whether capital structure strengthens this effect of construction companies. Quantitative and moderated regression approach was used with secondary data financial statements of construction companies listed on Indonesia Stock Exchange (IDX) during 2019-2023. The results indicate profitability has a significant effect on financial distress. Conversely, managerial ownership not significant, but when combined with profitability, it can reduce the chance of financial distress. Capital structure not strengthen the profitability and financial distress, but reinforce the influence of managerial ownership. High managerial share ownership and balanced capital structure debt and equity, helps companies avoid financial distress. This study recommends that financial management in construction companies focus on enhancing profitability and managing capital structure to prevent financial distress.
The Influence Of Macroeconomic Factors And World Commodity Prices On The Volatility Of The Indonesian Sharia Stock Index Agus Afrianingsih, Dwi; Yunita, Irni
International Journal of Science, Technology & Management Vol. 6 No. 4 (2025): July 2025
Publisher : Publisher Cv. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46729/ijstm.v6i4.1244

Abstract

The Indonesia Sharia Stock Index (ISSI) serves as a key indicator of sharia-compliant stock performance on the Indonesia Stock Exchange. This study investigates the impact of macroeconomic factors—interest rates, exchange rates, inflation, oil prices, and gold prices—on ISSI volatility from January 2015 to December 2024. Utilizing a quantitative approach with multiple regression analysis, the findings reveal that interest rates significantly negatively affect volatility (coefficient -0.509, significance 0.001), indicating that higher interest rates reduce market volatility. In contrast, the exchange rate and inflation show no significant effects (coefficients -0.308 and 0.144). World oil prices have a marginal negative impact (coefficient -0.200), while gold prices are not significant (coefficient 0.045). ANOVA results confirm that all independent variables collectively influence ISSI volatility significantly (significance 0.005). This research underscores the importance of macroeconomic factors in investment decision-making within the sharia market and suggests future studies incorporate sectoral analysis and additional control variables for deeper insights.
IPO Underpricing: IPO Stock Performance On The Indonesia Stock Exchange Novemrian, Yandi; Yunita, Irni
International Journal of Science, Technology & Management Vol. 6 No. 4 (2025): July 2025
Publisher : Publisher Cv. Inara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46729/ijstm.v6i4.1331

Abstract

This study aims to analyze non-financial factors that influence underpricing in companies conducting Initial Public Offerings (IPOs) on the Indonesia Stock Exchange during the period 2021 to 2023. The variables analyzed include industry sector, issue size, underwriter reputation, auditor reputation, and legal consultant reputation. The research employs a quantitative approach with an explanatory design and uses binary logistic regression analysis. The sample consists of 187 firms selected using purposive sampling. The results show that the underpricing phenomenon remains prevalent in Indonesia. Among the variables studied, issue size and auditor reputation have a significant influence on underpricing. These findings indicate the importance of strong market signals in reducing information asymmetry between issuers and investors. This research contributes to the IPO literature in emerging markets and provides practical implications for companies, investors, and capital market authorities.
Co-Authors A.A Sagung Desy Pratami 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 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 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 Gushendri, Adzra Helga Engrasia Gustyana, Tieka Tri Kartika Ihsan, TB Aria Maulana Irani, Annisa Salsabila Dwitha Jamhari Jamhari Kevin Krisna Khoirunnisa Az-Zahra Kishi Alandra Maghfirah Izani Desta Maria Apsari Sugiat Marwa Dewi Ahdiyati Salim Mauli Permata Sari Meuthia Rahmawati Milleniasari, Poeti Annisa Muhammad Azhari Muhammad Farhan Muhammad Farid Pratama Muhammad Iqbal Alamsyah Naurah Salsabila Naurah Salsabila Ramadhana Novemrian, Yandi Novita Nur Piamalia Nuraulia, Naifah Nurhakim, Eko Sanjaya Priyambodo, Muhammad Ganang Puspita*, Gadis Arimbi Putri, Devina Dianra Putri, Salsabila Fadila Rahmawati, Meuthia 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 Salma Salimah Sugiat, Maria Tiara Putri Nadiwa Trihandayani*, Deri Vanessa Eleanor Saaba Yusoff, Yusliza Mohd