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Weak Form Efficiency of Cryptocurrency and Precious Metal Market in the Midst of Covid-19 Pandemic Dilla Andharini; Robiyanto Robiyanto; Harijono Harijono
Jurnal Akuntansi Keuangan dan Bisnis Vol 15 No 1 (2022): Jurnal Akuntansi Keuangan dan Bisnis
Publisher : Politeknik Caltex Riau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35143/jakb.v15i1.5329

Abstract

Precious metals and cryptocurrencies are one of the most preferred investment instruments during the Covid-19 pandemic. There are three types of market efficiency, weak form efficiency, semi-strong, and strong form efficiency; this is disclosed in the efficient market hypothesis proposed by Fama in several of his works. Efficient or inefficient market can be seen from the returns obtained by the market participants, market participants will get a reasonable return if they are in an efficient market. This study aims to determine whether the precious metals and cryptocurrency markets are efficient in the weak form. Run test and Augmented Dickey-Fuller test are used to determine the randomness of price movements (random walk). The more random the price, the more efficient it will be in the weak form. The period used in this study is January 1, 2019 to June 30, 2021. The results of this study are the price of precious metals runs randomly during the Covid-19 pandemic, which means that the precious metal market is efficient in a weak form. Meanwhile, the results of the cryptocurrency return test show that the cryptocurrency market is inefficient in the weak form during the Covid-19 pandemic.
EFISIENSI PASAR MODAL BENTUK KUAT DI INDONESIA SELAMA PANDEMI COVID-19 Farrel Tegar Giovanni; Robiyanto Robiyanto; Harijono Harijono
Management & Accounting Expose Vol 5, No 2 (2022)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v5i2.790

Abstract

Tujuan dari penelitian ini untuk menganalisis tingkat efisiensi pasar modal bentuk kuat di Indonesia dengan melakukan perbandingan antara kinerja pasar saham dengan kinerja reksa dana saham. Jenis data pada penelitian ini adalah data kuantitatif yaitu data sekunder dalam bentuk harian pada tahun 2021. Metode yang digunakan adalah Jensen Index, Sharpe Index, Treynor Ratio, Information Ratio dan Sortino Ratio. Hasil penelitian menunjukkan bahwa pasar modal Indonesia tidak berada pada efisiensi dalam bentuk kuat. Maka implikasi managerial yang akan berinvestasi disarankan untuk memilih Reksa Dana Saham karena berpotensi memiliki kinerja yang lebih baik dibandingkan pasar saham secara umum.
The Influence of Investment Knowledge on Investment Interest With Celebrity Endorser Moderation In FEB UKSW Students Valvio Elroi Wahani; Harijono Harijono
Journal Research of Social Science, Economics, and Management Vol. 2 No. 4 (2022): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (2114.999 KB) | DOI: 10.59141/jrssem.v2i04.294

Abstract

Investment knowledge is felt to be able to make students interested in buying company shares and external encouragement is allegedly able to reduce investment interest, such as endorser intervention, making investors not interested in investing in company shares. The purpose of this study is to test that celebrity endorsers can weaken the relationship between knowledge of stock investment and interest in investing in stocks. This research is included in quantitative research with primary data obtained through online questionnaires. The survey was conducted with 100 selected respondents from students or alumni of the Satya Wacana Christian University Faculty of Economics and Business. The results of the study prove that investment knowledge has a positive effect on investment interest. Meanwhile, celebrity endorsers can weaken the influence of investment knowledge on investment interest.
Weak Market Efficiency for Technology Stocks During The COVID-19 Pandemic Ullanchiang Meillenia Tumbal; Robiyanto Robiyanto; Harijono Harijono
AJAR Vol 6 No 02 (2023): Atma Jaya Accounting Research (AJAR)
Publisher : Magister Akuntansi, Universitas Atma Jaya Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35129/ajar.v6i02.428

Abstract

Many studies related to capital market efficiency have been carried out, but currently there is a lack of research on weak forms of market efficiency in other financial markets such as the technology market. The purpose of this study is to analyze the efficiency of the weak form of the market for technology stocks during the Covid-19Pandemic. The data used in this study is data on daily closing prices for technology stocks from 2020-2022 from the Indonesia Stock Exchange. This data is obtained from Yahoo Finance Technology. The analytical tool used is the Runs Test followed by the Augmented Dickey-Fuller and Correlogram for Robustness Checking. The results of this study state that there are several technology stocks that are included in the efficient form in a weak form, which means that the prices of these stocks during the Covid-19 Pandemic are random walk, so that technical analysis cannot be applied in analyzing several technology stocks, namely EMTK, MTDL and LUCK. The results of this study suggest that investors in trading EMTK, MTDL and LUCK shares do not use technical analysis.
Nutrient Composition of Red and White Cultivars of Dried Moringa oleifera Leaves from Probolinggo, Indonesia Mudita, Dhaniar; Harijono, Harijono; Widjajanto, Edi
Research Journal of Life Science Vol 8, No 3 (2021)
Publisher : Direktorat Riset dan Pengabdian Masyarakat, Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.rjls.2021.008.03.5

Abstract

Moringa oleifera is a popular plant for combating malnutrition that grows well and is commonly consumed by Indonesian as a vegetable, but local varieties' nutrient composition never was studied before. Methods: Proximate, amino acids, minerals, vitamin C, and total phenolic composition of red and white cultivars of Moringa oleifera leaves from Probolinggo were determined on a dry weight basis based on AOAC methods. Results: Crude protein and fat were higher in white cultivar (35.36%, 6.25%). Total Amino Acid in both cultivars (83.06 g/100g for red and 82.86g/100g for white) were higher than in previous studies. Total Essential Amino Acid (TEAA) percentage of both of the cultivars was 46-49% and met the ideal protein needs of children (26%) and adults (11%). Iron, Zinc, Copper, Calcium, and Manganese was higher in white cultivar (36.21±0.08 mg/kg, 16.32±0.02%, 6.76±0.08mg/kg, 1.56±0.00 mg/kg, 7.11±0.00 mg/kg), while Magnesium, Potassium, Sodium, Phosphorus was higher in red cultivar (0.61±0.00%, 0.89±0.00%, 0.65±0.00%, 0.99±0.00). The content of vitamin C and total phenols was higher in the red cultivar (4162.8mg/kg and 239.8mg/kg). Conclusions: The red cultivar were best in 10/22 parameters (45%), white cultivar was best in 14/22 (55%). Those characteristics can contribute significantly to the nutrient requirements for protein and energy malnutrition treatment.
PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN PERHOTELAN DAN PARIWISATA DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING Robiyanto, Robiyanto; Nafiah, Ilma; Harijono, Harijono; Inggarwati, Komala
Jurnal Ilmiah Bisnis dan Ekonomi Asia Vol 14 No 1 (2020): Jurnal Ilmiah Bisnis dan Ekonomi Asia
Publisher : LP2M Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32812/jibeka.v14i1.153

Abstract

This study aims to examine the effect of profitability on firm value with capital structure as an intervening variable. The population of this study is hotel, restaurant and tourism firms listed on the Indonesia Stock Exchange (IDX), during 2012-2016, with 75 samples selected by using purposive sampling. Analysis of this study using panel regression analysis. This study of the research show that (1) profitability as measured by ROA and ROE has a negative and significant effect on firm value as measured by PBV and profitability as measured by ROA and ROE has a negative and insignificant effect on firm value as measured by Tobin's Q, (2) profitability has a negative and significant effect on the capital structure, (3) the capital structure as measured by DER has a positive and significant effect on firm value as measured by PVB and the capital structure as measured by DER has a positive and insignificant effect on company value as measured by Tobin's Q and (4) capital structure as an intervening variable negatively influences the effect of profitability on firm value.
Volatility Spillover between Indonesian Stock Market and Gold during Covid-19 Pandemic Christopher Anthony Surya Dharma; Robiyanto Robiyanto; Harijono Harijono; Triyanto Triyanto
Management & Accounting Expose Vol 7, No 2 (2024)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v7i2.2487

Abstract

This study scrutinizes the influence of Covid-19 toward returns and volatility spillover on the Indonesian stock market and international gold price. This study employs secondary data from investing.com. Data used in this study are closing price and returns of the Indonesian stock market and international gold price. Data were analyzed by using BEKK-GARCH techniques. The results obtained from this study show there is strong relationship between volatility spillover and return exists. JCI returns and gold returns are affected by the spillover volatility both before Covid-19, during Covid-19 and overall period. The return value tends to be inversely proportional to volatility, where when volatility overflows, the return will decrease and vice versa. Monitoring the volatility spillover between the stock market and gold prices can help in risk management and being able to see the relationship between the stock market and gold prices can help identify the level of correlation between two instruments.
Korelasi Dinamis Nilai Tukar, Harga Emas dan Harga Saham di ASEAN-5 Selama Perang Ukraina-Rusia Fahmi Ihwanul Arifin; Robiyanto Robiyanto; Harijono Harijono
Management & Accounting Expose Vol 7, No 1 (2024)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v7i1.1967

Abstract

Penelitian ini bertujuan untuk menganalisis korelasi dinamis nilai tukar, harga emas dan harga saham di ASEAN-5 (Indonesia, Malaysia, Singapura, Thailand, dan Filipina) selama perang Ukraina-Rusia. Objek penelitian ini berupa nilai tukar, harga emas dan harga saham yang berada di negara ASEAN-5. Penelitian ini menggunakan data sekunder yang diperoleh dari investing.com berupa data harian mulai bulan Januari 2022 hingga Juni 2022. Metode analisis menggunakan DCC-GARCH untuk melihat korelasi dinamis antara harga saham dengan emas dan harga saham dengan nilai tukar. Hasil penelitian menemukan bahwa lemahnya korelasi antara nilai tukar dan harga emas di pasar saham. Terdapat korelasi yang lemah dan negatif antara nilai tukar dan pasar saham sebagai alternatif aset investasi di masa perang Rusia-Ukraina. Penelitian ini dapat dijadikan sebagai bahan referensi bagi para investor untuk mengamati variabel emas dan nilai tukar dalam berinvestasi di pasar saham saat terjadi gejolak pasar.
Pengaruh Penambahan Bubuk Aerosil Pada Uji Drop Test Material Komposit Serat Daun Nanas Dan Serbuk Arang Harijono, Harijono; Fanani, Ahmad; Hartono, Hartono
Jurnal Pengelolaan Laboratorium Vol 3 No 1 (2024): Februari
Publisher : Politeknik Negeri Jember

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25047/plp.v3i1.4635

Abstract

Komposit adalah campuran dua bahan atau juga lebih yang terdiri dari matriks dan penguat/ serat. Pada umumnya penelitian di lakukan memakai satu jenis serat. Oleh karena itu, penulis menggunakan kombinasi serat daun nanas dan serbuk arang sebagai bahan penguat polymer hybrid composite untuk menghasilkan sifat gabungan antara kedua penguat tersebut.Penelitian ini dapat memberikan informasi kepada pembaca terkait kekuatan dan ketangguhan polymer hybrid composite dengan penguat serat daun nanas dan serbuk arang. Seperti yang sudah pada penelitian sebelumnya yaitu “Rekayasa KekuatanImpak Terhadap Polymer Hybrid Composite Fariasi Penambahan Serat Daun Nanas Dan Serbuk Arang”. Dari Hasil penelitian tersebut menunjukkan bahwa kekuatan Impak meningkat seiring dengan bertambahnya fraksi volume serat daun nanas yang diakibatkan oleh pendistribusian beban yang baik. Berbagai latar belakang di atas memunculkan gagasan untuk melakukan penelitian tentang variasi penambahan serat daun nanas dan serbuk arang dalam pembuatan polymer hybrid composite terhadap kekuatan Uji Tumbuk/ Drop. Pengujian Uji Tumbuk/Drop ini menggunakan pendulum yang beratnya adalah 0,5 kg, dengan ketinggian 3 meter dari jarak pendulum ke speciment. Dengan ketebalan speciment rata rata adalah 1,5 mm. Material atau speciment dengan perbandingan volume filler antara serat daun nanas dan serbuk arang antara 10% : 30% mendapatkan kondisi yang getas atau kurangnya serat, sehingga apabila terkena hantaman pendulum dengan berat 0,5 kg dengan ketinggian 3 meter maka akan menimbulkan luka berat atau berlubang di permukaan speciment. Speciment dengan perbandingan volume filler antara serat daun nanas dan serbuk arang antara 30% : 10% mendapatkan kondisi yang baik, yaitu tidak adanya lubang atau kawah yang terlalu besar, hanya saja menimbulkan kawah yang kecil di permukaan speciment.
PERUBAHAN MORFOLOGI DAN FISIKOKIMIA TEPUNG UWI (Dioscorea alata) AKIBAT FERMENTASI ALAMI DAN PENGERINGAN Indrastuti, Erning; Harijono, Harijono; Susilo, Bambang
Jurnal Agroindustri Vol. 14 No. 2 (2024): November 2024
Publisher : BPFP Faperta UNIB

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31186/jagroindustri.14.2.155-166

Abstract

Penelitian ini mempunyai tujuan untuk mengevaluasi perubahan morfologi dan fisikokimia tepung uwi selama perendaman dan pengeringan secara simultan. Irisan umbi uwi direndam selama 0, 24, dan 48 jam yang menyebabkan fermentasi alami, irisan umbi basah dikeringkan pada pengering kabinet selama 18 jam pada suhu pengeringan 40, 50, dan 60 °C.  Irisan umbi uwi kering dihaluskan sampai 100 mesh dan dilanjutkan dengan analisis morfologi granula, kadar pati, kadar amilosa, kadar protein, kadar serat kasar, pH, titratable acidity, warna tepung uwi dan analisis gugus fungsi menggunakan ATR-FTIR.  Hasil penelitian menunjukkan terdapat lubang pada permukaan granula pati hasil fermentasi 48 jam. Keberadaan lubang pada permukaan granula menyebabkan leaching amilosa yang menyebabkan perubahan pada karakteristik fisikokimia pati. Interaksi lama perendaman dan suhu pengeringan berpengaruh sangat nyata terhadap kadar pati dan warna. Semakin lama fermentasi alami dan semakin tinggi suhu pengeringan akan menurunkan kadar pati, nilai kecerahan L*, kemerahan a* dan kebiruan b*.  Lama fermentasi alami menurunkan amilosa, protein larut air, serat kasar, dan pH, meningkatkan titratable acidity, namun tidak dipengaruhi oleh suhu pengeringan. Struktur molekul pati uwi hampir tidak berubah setelah fermentasi alami dan pengeringan, ditunjukkan tidak adanya gugus fungsi baru pada spektra FTIR. Karakteristik tepung uwi yang terbaik dari perlakuan fermentasi alami selama 24 jam dan pengeringan 60 °C dengan kadar pati 72,02%, rendemen, 24,595, kadar amilosa 31,07%, kadar protein larut 2,74%, kadar serat kasar 1,56%, pH 5,88, titratable acidity 0,68, kelarutan 13,28%, L* 67,9, a* 3,6, b* -2.