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Analysis of LQ45 and ESG Stock Return Volatility on the Indonesia Stock Exchange Umi Indah Hapsari; Hermanto Siregar; Tanti Novianti; Nimmi Zulbainarni
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 4 (2025): JIAKES Edisi Agustus 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i4.3533

Abstract

The Covid-19 pandemic created significant turmoil in global financial markets, including the Indonesia Stock Exchange, where liquidity and stability were severely disrupted by widespread panic and economic uncertainty. Investors faced heightened risks as stock prices fluctuated sharply in response to rapidly changing market conditions. This study examines the impact of the Covid-19 pandemic on stock volatility and performance by comparing conventional liquid stocks from the LQ45 index with sustainable stocks from the ESG (Environmental, Social, and Governance) indices. Using daily closing prices from January 1, 2016, to December 31, 2023, the analysis employs the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model to capture volatility patterns. The findings reveal that LQ45 stocks consistently exhibit higher volatility than ESG stocks, yet deliver superior returns across all periods. Conversely, ESG stocks show greater resilience during the pandemic, maintaining relatively stable performance despite lower returns compared to LQ45. These results underscore the value of incorporating sustainable investment strategies, particularly when combined with liquidity considerations, as a means to balance risk and return while enhancing portfolio stability during periods of market uncertainty.
Strategy to Increase BPJS Ketenagakerjaan Membership: Integration of TPB and AHP Approaches Mansursyah Mansursyah; Nimmi Zulbainarni; Suhendi Suhendi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.330

Abstract

Background: Social security is a critical component of national social protection systems aimed at ensuring decent living standards. In Indonesia, BPJS Ketenagakerjaan administers five employment social security programs, yet its coverage remains at only 31.3% of the 144.64 million working population as of 2024, indicating a significant coverage gap particularly in the informal sector. Objective: This research aims to formulate a strategy to increase BPJS Ketenagakerjaan membership by integrating individual behavioral perspectives and institutional support. Methods: Using a mixed-methods approach, this study applies the Theory of Planned Behavior (TPB) analyzed through SEM-PLS to examine employee intentions, and the Analytical Hierarchy Process (AHP) to determine policy priorities. The study involved 350 respondents from various employment segments across Indonesia. Results: SEM-PLS results indicate that attitude (path coefficient 0.360) and perceived behavioral control/PBC (0.268) are the main determinants that significantly influence employee intention to participate, while subjective norms also showed significant albeit weaker influence (0.144). Trust and knowledge as moderating variables showed no significant moderating effect. AHP analysis identified that the government regulation criterion has the highest priority weight of 0.321. The strategic priorities are: (1) contribution subsidy from national/regional budgets (0.220), (2) strengthening mandatory membership regulation (0.213), (3) massive education and literacy (0.201), (4) national data integration (0.185), and (5) service digitalization (0.183). Conclusion: The integration of TPB and AHP provides a comprehensive analytical framework that contributes to both behavioral understanding and policy formulation for increasing BPJS Ketenagakerjaan membership towards inclusive universal coverage.
Co-Authors . Jihad Abdullah, Asaduddin Abgusta Fajri Wiranata Achmad Fahrudin Aditya Hikmat Nugraha Adler Haymans Manurung Adriani Sunuddin Afifah Inayati Agung Jat Wibowo Arsa Aida Vitalaya Hubeis Alvi Rahmah Amandra, Miko Novri Andi Alamsyah Andi Irman Patiroi Andina Nuraini Ginoga Andina Oktariani Anggraeni, Aniesya Sefia Anggraini Sukmawati Arief Daryanto Arif Satria Arry Ekananta ASEP SAEFUDDIN Asep Taryana Asep Taryana Bagus Sartono Bayu Koen Anggoro Benny Osta Nababan Budy Wiryawan Bustanul Arifin Cahyo, Septian Dwi Deby Indah Mayriska Deni A. Soeboer Dirgantara, Ahmad Fauzan Eko Sri Wiyono Epiet Dwi Anggoro Fadhila Hukmi Fitri Angraini Fredinan Yulianda Galang Prakasa Yusuf Putra Gena Bijaksana Gigih Budiarto Hairunisa Dzulhira Haj, Muhammad Hairul Harianto Harianto Harits Adli Tegar Nevada Hartoyo Hartoyo Hartoyo Hartoyo Hartoyo Hartoyo Hartoyo Hartoyo Hendilen Hendilen Hendro Sasongko Herien Puspitawati Hermanto Siregar Hermanto Siregar Illah Sailah Indah Kusuma Hayati Indra Jaya Insaniah Rahimah Irman Hermadi Iwan Dirwana Johan, Daniel Kamil, Fathan Khumaera, Nur Ifra Krisna Fery Rahmantya Leo Candra Kirana Lubis, Muchdy Lukman M. Baga Lya Utami, Mei M. Joko Affandi M. Syamsul Ma'arif M. Syamsul Maarif M. Syamsul Ma’arif Ma'arif, Mohammad Syamsul Ma'arif, Syamsul Mansursyah Mansursyah Megawati Simanjuntak Miko Novri Amandra Moch Wahyu Ksatria Budi Muchamad Bachtiar Muchdy Lubis Mughny Ilman Wali Rusdi Muhammad Gunawan Sani Saputro Muhammad Hairul Haj Muhammad Siddik Elfian Mulianto, Heri Musa Hubeis Mustaruddin Nisa Ayunda novindra . Novsa Fakhira Novsa Fakhira Nunung Nuryartono Nur Hasanah Nurhakim Siswanto Nurul Syahara Prafitriandini, Ika Prakasa Yusuf Putra, Galang Pratita Budi Utami Putri Claristha Violetta Rahmadi Sunoko Rahmadi Sunoko Ratna Mutia Aprilia Rina Uswatun Hasanah Rizal Syarief Rizal Syarief Ronny I. Wahju Rosdyani Rachmi Saiful Umam Saptaji, Moh Faqih Dwi Sari, Fadhila Cynthia Sasarari, Rosmina Rose Satriadi, Dharma Sembel, Roy H. M. Siti Jahroh Situmorang, Kaspar Suhendi Suhendi Suhendi Suhendi Sukarsih, Yayuk Sulaeman Martasuganda Syaiful Rachman Syamsul Bahri Agus, Syamsul Bahri Tanti Novianti Tarlan Subarno Tri Wahyu Budiarti Tri Wiji Nurani Trias Andati Trias Andati Tridoyo Kusumastanto TSNB Hutabarat TSNB Hutabarat Umi Indah Hapsari Waraney Daniel Carl Mumbunan Wayangkau, Edoardo Stevie Widyastutik Yulian Anita Yusgiantoro, Purnomo Yusuf Iskandar Zulmi, Muhammad Indra