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Determinant of Indonesian Stock Market’s Volatility During the Covid-19 Pandemic Nugroho, Ainine Devara; Robiyanto, Robiyanto
Jurnal Keuangan dan Perbankan Vol 25, No 1 (2021): January 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i1.4980

Abstract

The aim of this study is to examine variables that influenced the Jakarta Composite Index (JCI) volatility during the outbreak of COVID-19. The independent variables that are used are gold return volatility and USD/IDR return volatility. This analysis uses daily-time series data which are divided into three periods, those are; before the pandemic (January 2019-August 2019), during the pandemic (January 2020-August 2020), and from January 2019 through August 2020. The method that is used in this study is GARCH analysis in order to dodge data abnormality and heteroscedasticity. Before conducting GARCH analysis, unit root and normality test are conducted to know if the data are stationaries and to decide which GARCH distribution is the most suitable for the data analysis (Gaussian, t-student, or GED distribution). It is proven in this study that during the COVID-19 pandemic, gold return volatility positively affected the JCI volatility and USD/IDR volatility negatively affected JCI volatility. This research can be used as a consideration for investors in choosing their investment during the pandemic or financial crisis by examining gold and USD/IDR volatility effect on JCI volatility.DOI: https://doi.org/10.26905/jkdp.v25i1.4980
Rancang Bangun Aplikasi Penerimaan Siswa Baru Berbasis Web (Studi Kasus: Intersky Study Surabaya) Robiyanto, Robiyanto; Jusak, Jusak; Churniawan, Agus Dwi
Jurnal Sistem Informasi dan Komputerisasi Akuntansi (JSIKA) Vol 6, No 10 (2017)
Publisher : Jurnal Sistem Informasi Universitas Dinamika (JSIKA)

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Abstract

Intersky Study Surabaya is a flight attendant school education and training branch of Intersky Study Balikpapan. The existing problems in Intersky Study Surabaya occurs when the registration process is found there is a loss of data registries result is not stored properly, then the delay in receipt of due process of sending data to the central office in Balikpapan, then in the selection process of registration occurs vote repeatedly performed in Intersky Study Surabaya also Intersky Study conducted in Balikpapan. And last is the problem ease of registration for applicants outside the area that does not allow the applicant to come directly to Intersky Study Surabaya. Solutions offered to help with these problems is an admissions application that comes Analytical Hierarchy Process (AHP) which can process data registration and may provide direct student enrollment announcement. Based on this research can be concluded that the final project, had managed to make the application of new admissions to assist in data processing registrant and help in the decision of admission according to user needs Intersky Study Surabaya
Aktivitas Antiinflamasi Ekstrak Etanol Daun Karas (Aquilaria malaccensis Lamk.) Apridamayanti, Pratiwi; Sanera, Ferlino; Robiyanto, Robiyanto
Pharmaceutical Sciences and Research Vol. 5, No. 3
Publisher : UI Scholars Hub

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Abstract

Karas (Aquilaria malaccensis Lamk.) leaves contain secondary metabolite such as alkaloid, flavonoid, phenol, antraquinone, and triterpenoid. Flavonoid compound has anti inflammatory activity. This research was conducted to investigate the effective anti inflammatory dose from the reduction of rat paw edema using plethismometer. Karas leaves was macerated with 96% ethanol and then evaporated until crude extract was obtained. This research was carried out using 25 male rats that was divided into 5 treatment groups, negative control (CMC-Na 1%), positive control (Natrium diclofenac 4.5 mg/kgBW), dosage I (45 mg/kgBW), dosage II (90 mg/kgBW), and dosage III (180 mg/kgBW). The extract was administrated orally half an hour before the induction of 0.1 ml carragenan 2% solution. The anti inflammatory activity was observed from the volume of edema, AUC, and the percentage of antiinflammatory activity. The data was analyzed by ANOVA using SPSS. The result shows that there was a significant difference between negative control with the treatment groups (dosage I, II, and III). There was no significant difference between positive control with dosage II and III, however there was a significant difference to dosage I. The percentage of antiinflammatory activity of positive control, dosage I, dosage II, and dosage III was 39.3%, 22.9%, 29.6%, and 37.9% respectively. The conclusion of this research was that the effective dose of ethanolic extract form karas leaves was 180 mg/kgBB.
Aktivitas Antinosiseptif Fraksi Diklorometana Daun Kratom (Mitragyna speciosa Korth.) Rute Oral Pada Mencit Jantan Swiss Luliana, Sri; Robiyanto, Robiyanto; Islamy, Muhamad Rido
Pharmaceutical Sciences and Research Vol. 5, No. 2
Publisher : UI Scholars Hub

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Abstract

Kratom leaves (Mitragyna speciosa Korth.) is known to have an opioid-like analgesic effect. One of the main compound in kratom leaf is mitragynine which has strong affinity to opioid receptor. Kratom leaf has many pharmacological effects, one of them is as an antinoceptive agent. The purpose of this research to investigate the antinociceptive effect of dicholoromethane fraction from kratom leaf and determine the percentage of antinociceptive on male Swiss mice. The method used in this study was hot plate method. The animal subjects were divided to five groups: normal group CMC Na 0.5%, morphine 5.46 mg/kgBW, dicholoromethane fraction of kratom leaf doses 70, 140, and 280 mg/kgBW respectively. The subject response like jump, lick or lift up the back leg was considered as latent time parameter. The latent time was recorded at 0, 15, 30, 45, 60, 90, 105 and 120 minutes with cut-off time 15 seconds. Result data were analysed using One Way ANOVA and Post Hoc Test LSD. It showed the antinociceptive effect of discholoromethane fraction at dose 70, 140 and 280 mg/kgBW were significantly difference (p<0,05) with normal group. The conclusion of this study is the discholoromethane fraction of kratom leaf has antinociceptive activity. The percentage of antinocicetiptive from fraction group at dose 280 mg/kgBW(86%) was higher than the other two dose-groups (140 and 70 mg/kgBW) which were 81% and 51%.
Potensi Anthelmintik Ekstrak Etanol Daun Mangga Arumanis (Mangifera indica L.) pada Cacing Ascaridia galli dan Raillietina tetragona secara In Vitro Robiyanto, Robiyanto; Kusuma, Ria; Untari, Eka Kartika
Pharmaceutical Sciences and Research Vol. 5, No. 2
Publisher : UI Scholars Hub

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Abstract

Arumanis mango (Mangifera indica L.), a medicinal plant, is allegedly potential as an anthelmintic agent. This research aimed to investigate the in vitro anthelmintic activity of ethanolic extract of arumanis mango leaves against Ascaridia galli and Raillietina tetragona; know the effect of increasing extract concentration; and calculate the LC50 and LT50 value of the extract. The extract concentrations tested were 5, 25 and 50 (mg/ml) with normal control (NaCl 0,9%) and positive control (mebendazole 5 mg/ml). The time and number of worm deaths were observed and analyzed statistically using One Way Anova SPSS, Post hoc (LSD) and Probit. The results showed that ethanolic extract had anthelmintic activity in which concentration of extract at 25 mg/ml and 50 mg/ml had death time and number of death worms similar to mebendazole 5 mg/ml for A. galli (p=0.466 and p=0.760) and R. tetragona (p=0.093 and p=0.566); the increasing of extract concentration was linear with the increase of its anthelmintic activity; and LC50 dan LT50 value of the extract for A. galli were 2,6 mg/ml and 15,2 hours, while for R. tetragona were 3,1 mg/ml and 2,5 hours. As a conclusion, arumanis mango leaves is potential to be developed as an anthelmintic traditional medicine.
Potensi Ekstrak Etanol Daun Petai (Parkia speciosa Hassk.) Terhadap Kadar Superoksida Dismutase (SOD) Pada Plasma Tikus yang Mengalami Stres Oksidatif Butarbutar, Ruth Haryati; Robiyanto, Robiyanto; Untari, Eka Kartika
Pharmaceutical Sciences and Research Vol. 3, No. 2
Publisher : UI Scholars Hub

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Abstract

Cigarette smoke is free radicals superoxide resources that contains, hydrogen peroxide, hidrosil and peroksil. Superoxide dismutase (SOD) is an enzymatic antioxidants that protect cells from oxidative stress by catalyzing superoxide dismutase (O2 *) into O2 and H2O2 . This study aims to determine the potential of ethanolic extract petai leaves against plasma SOD enzyme activity in animals exposed by cigarette smoke. The simplicia extracted by maseration using ethanol 96%. Thirty-six rats Sprague Dawley strain were divided into six groups: normal group was not given treatment, negative group received 10% CMC-Na, positive control group received vitamin E, and treatment group received ethanolic extract petai leaves of 50; 100; 250 mg / kgBW of mice. All rats were treated for 14 days. SOD activity was measured by UV-Visible spectrophotometer at a wavelength of 505 nm. Statistical analysis using One Way ANOVA. The mean value of SOD activity to the normal, negative control, positive control and the group receiving the ethanolic extract petai leaves dose of 50; 100; 250 mg/kg in a row is 37 979 ± 3708; 59 932 ± 3085; 48 552 ± 1234; 57 239 ± 2102; 50 774 ± 1632; 59 124 ± 4849. The results show ethanolic extract petai leaves the most influence on the activity of SOD is a dose of 100 mg/kg.
DCC-GARCH Application in Formulating Dynamic Portfolio between Stocks in the Indonesia Stock Exchange with Gold Robiyanto, Robiyanto
The Indonesian Capital Market Review Vol. 10, No. 1
Publisher : UI Scholars Hub

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Abstract

This study tries to form a portfolio by using a method which may accommodate the dynamic of assets correlation and the abnormality of stock return distribution namely DCC-GARCH. The objective of this study is to combine individual stocks with gold, so retail investor can also apply this method. This study using data from January 2009 –December 2017 period. Samples in this study were nine stocks. The results of this study showed that there were two stocks with higher Sharpe Ratio if combined with gold through dynamic portfolio formation (hedged portfolio) namely BBCA-Gold and SMCB-Gold than unhedged portfolio. And there are three stocks with higher Treynor Ratio if combined with gold through dynamic portfolio formation (hedged portfolio) namely BBCA-Gold, SMCB-Gold and UNTR-Gold than unhedged portfolio. This finding proves that the DCC-GARCH application can improve the risk-adjusted return of these stocks when combined with gold
Integrasi Pasar Modal di Kawasan Asia dan Amerika Serikat Pasca Pelantikan Donald Trump Catherine, Happy; Robiyanto, Robiyanto

Publisher :

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (272.077 KB) | DOI: 10.31955/mea.v4i3.284

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Kemenangan Donald Trump sebagai Presiden Amerika Serikat yang ke-45 memberikan dampak negatif terhadap beberapa negara di Asia, khususnya pada kinerja pasar modal suatu negara. Penelitian ini mengkaji integrasi pasar modal di beberapa negara kasawan Asia dan Amerika Serikat pasca pelantikan Donald Trump. Data yang digunakan dalam penelitian ini adalah harga penutupan harian masing-masing indeks yang terdiri dari China (SSEC), Amerika Serikat (Dow Jones), Indonesia (IHSG), Jepang (NIKKEI 225), India (NIFTY), Singapura (STI), Malaysia (KLSE), Korea Selatan (KOSPI), Filipina (PSEI), dan Thailand (SETI) dari tanggal 21 Januari 2017 sampai 31 Desember 2019. Alat analisis yang digunakan adalah Vector Auto Regression (VAR) dan uji Kausalitas Granger. Hasil dari uji VAR dalam penelitian ini menunjukkan bahwa Indeks Dow Jones berpengaruh terhadap perubahan harga indeks di kawasan Asia. Sejalan dengan hasil uji VAR, uji Kausalitas Granger pada penelitian ini menunjukkan adanya hubungan kausalitas searah dari indeks Dow Jones ke seluruh indeks di kawasan Asia.
PERBEDAAN PERFORMA PERUSAAHN KEUARGA DAN PERUSAHAAN BUKAN KELUARGA: STUDI PADA INDEX PEFINDO25 Adiwidjojo, Enrico Pranata; Robiyanto, Robiyanto

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Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (243.347 KB) | DOI: 10.31955/mea.v4i3.286

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Family firms are companies that are controlled by family members through ownership and management. This study aims to observe the existence of cash holding, gender diversity, and performance in family and non-family firms. Purposive sampling in this study resulted in 47 samples of companies listed on the PEFINDO25 Index. In the selection of these samples found 26 family firm and 21 non-family firm. Test results in this study prove that there is a significant difference in cash holding. Cash holding at the family firm is larger, but variables other than cash holding do not show a significant difference. The implications of this study are for investors, governments, and corporate power holders as a reference for decision making.
FAKTOR-FAKTOR YANG MEMPENGARUHI SUSTAINABLE GROWTH RATE TERHADAP PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA PERIODE 2015-2018 Priyanto, Aldi; Robiyanto, Robiyanto

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Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (331.43 KB) | DOI: 10.31955/mea.v4i2.287

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Banyak perusahaan yang hanya memfokuskan kepada pendapatan dan profit saja. Tetapi pendapatan dan profit tidak dapat menjadi fokus yang utama karena pertumbuhan keberlangsungan perusahaan menjadi hal yang penting. Mengukur pertumbuhan berkelanjutan menjadi faktor yang penting dalam melihat gambaran kinerja perusahaan. Pengukuran tersebut menggunakan konsep pertumbuhan yang biasa disebut dengan Sustainable Growth Rate (SGR). Penelitian ini memiliki tujuan untuk memberikan bukti empiris berpengaruh atau tidak, likuiditas divariabelkan oleh Current Ratio (CR), Leverage divariabelkan Debt to Equity Ratio (DER), dan efisiensi divariabelkan dengan Asset Turnover (TATO). Populasi yang digunakan dalam penelitian ini adalah perusahaan manufaktur yang tergabung dalam Bursa Efek Indonesia (BEI). Teknik yang digunakan dalam mengambil jumlah sampel ialah purposive sampling sehingga didapat sampel dengan jumlah sebanyak 50 perusahaan dengan periode penelitian 2015-2018. Data yang dianalisis menggunakan Teknik regresi data panel. Hasil dari penelitian menemukan bahwa variabel Current Ratio (CR) dan Asset Turnover (TATO) tidak berpengaruh signifikan terhadap SGR sedangkan variabel DER memiliki pengaruh positif terhadap SGR. Penelitian ini menjelaskan bahwa SGR sangat penting karena berkaitan dengan strategi yang digunakan perusahaan agar dapat mengalami pertumbuhan berkelanjutan.