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All Journal Nominal: Barometer Riset Akuntansi dan Manajemen Trikonomika: Jurnal Ekonomi PROFIT : Kajian Pendidikan Ekonomi dan Ilmu Ekonomi Jurnal Mirai Management Jurnal Manajemen Indonesia Jurnal Mitra Manajemen Agregat: Jurnal Ekonomi dan Bisnis JMM (Jurnal Masyarakat Mandiri) SEIKO : Journal of Management & Business Almana : Jurnal Manajemen dan Bisnis JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) JAE (Jurnal Akuntansi dan Ekonomi) Sosiohumanitas: Jurnal Ilmu-Ilmu Sosial dan Humaniora Jurnal Manajemen Dirgantara Jurnal Riset Akuntansi Kontemporer jurnal syntax admiration Jurnal Riset Akuntansi dan Keuangan Jurnal Riset Manajemen dan Bisnis Indonesian Journal of Business Analytics (IJBA) FRIMA: Festival Riset Ilmiah Manajemen & Akuntansi Jurnal Pengabdian Masyarakat Akademisi Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) eProceedings of Management Community Service Seminar and Community Engagement (COSECANT) Enrichment: Journal of Multidisciplinary Research and Development IIJSE Jurnal Bisnis dan Pemasaran Digital International Journal of Accounting and Management Information Systems
Brady Rikumahu
Universitas Telkom
Aerospace Engineering Humanities Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Transportation Other

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Analysis of Factors Influencing User Interest in Adopting Fintech Robo-Advisor in Indonesia Using Utaut 2 Zhafira, Faza Fariha; Rikumahu, Brady; Sugestie, Putri Fariska
Enrichment: Journal of Multidisciplinary Research and Development Vol. 3 No. 4 (2025): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v3i4.404

Abstract

In Indonesia, robo-advisors were introduced around 2017, driven by the increasing penetration of internet usage and the adoption of digital technology in the financial sector. The use of robo-advisors grew significantly during the pandemic, as retail investors sought convenient ways to invest without the need for in-person meetings. Several fintech companies, including Bareksa, Bibit, and Moduit, offer wealth management services utilizing robo-advisor technology. While the total Assets Under Management (AUM) in Indonesia have increased, the growth rate of AUM has declined, which may indicate reduced new investment inflows. This study examines the factors influencing users’ intention to adopt fintech robo-advisor services in Indonesia, using the Unified Theory of Acceptance and Use of Technology (UTAUT 2) framework. The research is a quantitative descriptive study focusing on individuals in Indonesia who have used robo-advisor services via Bibit, Bareksa, or Moduit. Using purposive sampling, the study surveyed 150 respondents, with data analyzed through Partial Least Squares-Structural Equation Modeling (PLS-SEM). The study finds that all independent variables—performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value, and habit—significantly influence the adoption of fintech robo-advisors. Moreover, age, gender, and experience were identified as moderating factors. The strongest predictors of behavioral intention were performance expectancy, habit, and hedonic motivation, while habit, behavioral intention, and facilitating conditions were key drivers of use behavior. The study concludes that all factors significantly affect the adoption of fintech robo-advisors in Indonesia, and recommends that fintech companies leverage these findings to improve their features, communication strategies, and digital financial literacy initiatives.
Analysis of Regional Stock Market Impact on Jakarta Composite Index using Markov Riswanda, Cecep; Rikumahu, Brady
Jurnal Bisnis dan Pemasaran Digital Vol. 4 No. 2 (2025): Januari
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jbpd.v4i2.4529

Abstract

Purpose: In the current era of information, global stock market interconnections significantly influence investment decisions. Changes in one market rapidly affect others. The co-movement of stock markets presents challenges and opportunities for investors, whereas volatility spillovers complicate risk management and investment strategies. Research Methodology: This study examines the influence of the Nikkei 225, Straits Times Index, and Shanghai Composite Index on the Jakarta Composite Index across the pre-pandemic, pandemic, and post-pandemic phases. Results: Utilizing the hidden Markov model with regime-switching regression, this study identifies changes in market behavior due to economic shifts during the pandemic, revealing two regimes: synchronization and desynchronization. Conclusions: The N225 and STI indices have a consistently positive and significant influence on the JCI, whereas SCI shows a negative but statistically insignificant impact. During the pandemic (March 2020 to April 2021), market desynchronization increased, reducing the significance of N225 while STI remained impactful. Post-pandemic, synchronization improved, and both N225 and STI regained their significant influence on JCI, indicating strengthened regional market integration. Limitations: Pre-COVID-19, the Jakarta Composite Index shows strong synchronization with the Nikkei 225 and Straits Times Index, while the Shanghai Composite Index has an insignificant impact. During the COVID-19 pandemic, frequent desynchronization occurred due to high uncertainty and volatility, with only the Straits Times Index significantly influencing the Jakarta Composite Index. Contributions: This study contributes significantly to the understanding of regional stock market relationships and offers valuable insights for academia and practice.
ANALISIS KINERJA KEUANGAN SEBAGAI ALAT PREDIKSI FINANCIAL DISTRESS (Studi pada Perusahaan Sektor Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2023) Nugraha, Dandi Sukma; Rikumahu, Brady
eProceedings of Management Vol. 11 No. 6 (2024): Desember 2024
Publisher : eProceedings of Management

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Abstract

Tujuan penelitian adalah untuk mengetahui pengaruh dari rasio profitabilitas, likuiditas, leverage, danaktivitas dalam memprediksi financial distress. Objek pada penelitian ini adalah perusahaan sektortransportasi & logistik yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2018-2023. Metode penelitianyang digunakan adalah metode kuantitatif dengan menggunakan teknik purposive sampling sebagai alatpemilihan sampel penelitian. Data yang digunakan dalam penelitian ini menggunakan data sekunder sertapenggunaan perangkat lunak SPSS sebagai alat untuk melakukan analisis. Teknik analisis yang digunakanmeliputi analisis deskriptif dan analisis regresi logistik. Model prediksi yang digunakan pada penelitianini yaitu Altman Z-Score. Kebaharuan pada penelitian ini yaitu pada rasio leverage menggunakan debt toequity ratio. Peneliti menggunakan rasio debt to equity ratio karena merasa masih sangat sedikit penelitianyang menggunakan rasio ini. Hasil penelitian ini yaitu rasio likuiditas menggunakan current assetberpengaruh negatif secara signifikan dan rasio aktivitas menggunakan total asset turnover ratioberpengaruh negatif secara signifikan. Hasil penelitian diharapkan dapat memberikan pemahamantambahan terkait financial distress pada perusahaan sektor transportasi & logistik selama periode sebelummaupun sesudah Covid-19. Keywords: Aktivitas, Financial Distress, Leverage, Likuiditas, Profitabilitas
Hubungan Profitabilitas, Arus Kas Operasi, dan Pertumbuhan Penjualan dengan Financial Distress (Studi pada Perusahaan Sub-Sektor Transportasi Jalanan dan Maskapai Penerbangan yang Terdaftar di IDX-IC Periode 2018-2022) Hergijantono, Muhammad Rafi; Rikumahu, Brady
eProceedings of Management Vol. 11 No. 6 (2024): Desember 2024
Publisher : eProceedings of Management

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Abstract

Riset bertujuan mengevaluasi dampak profitabilitas, arus kas operasi, dan pertumbuhan penjualan terhadap kondisikeuangan yang buruk pada perusahaan sub-sektor transportasi darat dan maskapai penerbangan yang terdaftar di IDXICtahun 2018-2022. Riset menggunakan data sekunder dari annual report yang dipublish perusahaan terkait.Pengujian menggunakan regresi berganda mengenai hubungan profitabilitas, arus kas operasi, dan pertumbuhanpenjualan yang menjadi vaiabel bebas dengan financial distress sebagai variabel terikat. Hasil riset membuktikan aruskas operasi dan pertumbuhan penjualan tidak mempengaruhi financial distress, yang mengindikasikan bahwaperusahaan dengan tingkat tertentu dari variabel-variabel ini tidak berisiko mengalami financial distress. Sebaliknya,profitabilitas terbukti mempengaruhi signifikan financial distress. Hasil riset diharapkan dapat membuat pengetahuanyang baik bagi manajemen perusahaan dalam mengoptimalkan kinerja keuangan, serta bagi para investor danpemangku kepentingan lainnya dalam membuat keputusan investasi. Kata kunci: profitabilitas, arus kas operasi, pertumbuhan penjualan, financial distress, transportasi jalanan, maskapaipenerbangan, IDX-IC
PEMBERDAYAAN MASYARAKAT DESA MELALUI WORKSHOP DAN PENDAMPINGAN UNTUK PENGELOLAAN WEBSITE DESA WISATA Prasetio, Adhi; Rikumahu, Brady; Octrina, Fajra
JMM (Jurnal Masyarakat Mandiri) Vol 8, No 5 (2024): Oktober
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31764/jmm.v8i5.26252

Abstract

Abstrak: Keberadaan website merupakan salah satu faktor penting dalam menyampaikan informasi bagi sebuah desa wisata. Untuk dapat menjalankan fungsinya sebagai media promosi, website memerlukan peran aktif masyarakat untuk mengelola konten yang ditampilkan secara teratur. Pengelolaan konten website ini memerlukan keterampilan dan komitmen khusus dari masyarakat sasar. Melalui kegiatan workshop dan pendampingan ini, diharapkan masyarakat dapat meningkatkan soft skill dan hard skill nya untuk dapat mengelola konten website desa secara mandiri. Untuk mencapai hal tersebut diperlukan tiga tahap, yaitu metode ceramah dilakukan untuk meningkatkan kesadaran pentingnya website dalam promosi, workshop pengelolaan konten website, dan proses pendampingan yang berkelanjutan. Mitra pada kegiatan ini adalah masyarakat desa wisata sebanyak 40 orang pada saat workshop, dan untuk pendampingan pengelola website sebanyk 15 orang. Evaluasi yanga dilakukan adalah dengan tanya jawab dan pengisian kuesioner. Hasil dari penyelenggaraan kegiatan pengabdian masyarakat ini menunjukkan bahwa lebih dari 90% peserta merasakan manfaat dari pelatihan yang diberikan dan lebih dari tujuh orang kandidat pengelola website aktif melakukan kegiatan penulisan artikel untuk konten website. Abstract: The existence of a website is one of the important factors in conveying information for a tourist village. In order to function as a promotional media, the website requires the active role of the community to manage the content that is displayed regularly. Managing the content of this website requires special skills and commitment from the target community. Through this workshop and mentoring activity, it is hoped that the community can improve their soft skills and hard skills to be able to manage the content of the village website independently. To achieve this, three stages are needed, namely the lecture method is carried out to increase awareness of the importance of websites in promotion, website content management workshops, and ongoing mentoring processes. The partners in this activity are 40 people from the tourist village community during the workshop, and 15 people for mentoring website managers. The evaluation carried out was through questions and answers and filling out questionnaires. The results of this community service activity showed that more than 90% of participants felt the benefits of the training provided and more than seven candidate website managers actively wrote articles for website content.
The Effect of Profitability and Solvency on Stock Prices (Study on Property and Real Estate Companies Listed on the Indonesia Stock Exchange in 2019-2023) Cahyaningsih, Cahyaningsih; Permana, Fadhil Ade; Rikumahu, Brady
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8181

Abstract

Stock price is a key indicator that reflects a company's performance and serves as an essential factor for investors in making investment decisions. This study aims to examine the partial and simultaneous influence of profitability ratios and solvency ratios on stock prices of property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. Profitability ratio related to investment are measured using Return on Equity (ROE), while solvency ratio is measured using Debt to Equity Ratio (DER). The population in this study consists of all property and real estate sector companies listed on the IDX during the 2019-2023 period. The sample includes 31 companies over a five-year period, selected using the purposive sampling method. The analysis method applied is panel data regression. The results of this study are expected to provide valuable insights for investors, companies, and academics in understanding the factors affecting stock prices in the property and real estate sector.
Comparison of black-scholes models using historical volatility and garch volatility in collar strategy as hedging efforts for towr and tbig stocks Rikumahu, Brady; Akhmad, Mu’arif Fandhi
International Journal of Accounting and Management Information Systems Vol. 1 No. 2 (2023): August
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijamis.v1i2.3043

Abstract

Purpose: This study aims to examine the implementation of option contracts using the Black-Scholes model with Historical Volatility and GARCH Volatility through a collar strategy, as a means of protecting stock value in the telecommunications sector. The research focuses on managing risk in stock investments, particularly for TOWR and TBIG stocks, in both crisis and non-crisis conditions. Research methodology: The study applies the Black-Scholes model using two types of volatility—Historical and GARCH—within a collar strategy framework to evaluate its effectiveness in mitigating risks associated with TOWR and TBIG stocks under varying market conditions. Results: For TOWR stocks, GARCH performs better in non-crisis conditions with three-month maturity, while Historical Volatility is superior in some shorter-maturity scenarios under both market conditions. For TBIG stocks, GARCH outperforms in all crisis scenarios with three-month maturity, whereas Historical Volatility leads in certain stable, short-term conditions. Conclusion: The effectiveness of volatility methods in the Black-Scholes model depends on stock type, market conditions, and maturity, with GARCH better for high volatility and longer terms, while Historical suits stable, short-term scenarios. Limitation: The study is limited to two telecommunications stocks and does not include empirical testing using live trading data, which could provide deeper validation of the proposed strategies. Contribution: This research contributes to the understanding of how investment strategies like collar options can be optimized using appropriate volatility models. Investment involves the allocation of money or capital with the aim of gaining profit.
Co-Authors Ade Romadhony Adhi Prasetio Adhia Ika Wahyuni Aditya Novanto Nomba Akhmad, Mu’arif Fandhi Ali Riza Fahlevi Alza, Hanifa Fauzia Anisah Firli Anisah Firly Anna Quraisy Haq Arif Kuswanto Athifah Nadya Akmalia Brigitta Priscilla DivinaRianti Cahyaningsih Cahyaningsih Dadan Rahadian Danial, Rahmadiva Dianitha Dembi Tri Al-Fikri Dicky Hidayat Dillak, Vaya Juliana Dini, Farah Azzahra Divya Dwika Pramesti Fajra Octrina Fatimah Kurniawati Putri Frima, Mariana Hanifa Fauzia Alza Hergijantono, Muhammad Rafi Imanuddin Hasbi Indrawan, Ida Bagus Agung Inge Rahmawati Keysha Salsabila Saputra Khairunnisa Khairunnisa Kurniawati Kurniawati Leonie Syafira Maulidia Isnaini Nauval Nurvian Mugni Nugraha, Dandi Sukma Nur Sheha Gunawan, Ahmad Nurmayanti Alifia Nuslih Jamiat Permana, Fadhil Ade Putri Fariska Sugestie Putri Sulistyowati Putu Nina Madiawati Rafi Irbah Kusumawati Rahmadiva Dianitha Danial Refianti Andani Katiya Regina Rhisanty Widyandari Riska Mandasari Riswanda, Cecep Rivanza Dhia Ramadhan Rizky Wulan Suci Rizky Wulan Suci Salsabila Putri Yuantari Sinta Dewi Suci Hayaty Tiara Indah Sukmasari Vincenthya Verena Viorentina Wahyuni Nur Syahril Wiwin Aminah Yana Ayu Pradana Yana Ayu Pradana, Yana Ayu Yeny Ekaristi Purba Yulia Wahyuni Saragih Zhafira, Faza Fariha