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All Journal Jurnal Ilmu Sosial dan Humaniora Jurnal Keuangan dan Perbankan Jurnal JSIKA Media Ekonomi dan Manajemen Among Makarti Jurnal Farmasi Klinik Indonesia IMAGE Proceeding SENDI_U Edukasi: Jurnal Pendidikan Jurnal Pendidikan Informatika dan Sains Jurnal Riset Akuntansi dan Keuangan Farmasains : Jurnal Ilmiah Ilmu Kefarmasian Jurnal Organisasi Dan Manajemen JTAM (Jurnal Teori dan Aplikasi Matematika) JSFK (Jurnal Sains Farmasi & Klinis) JSiI (Jurnal Sistem Informasi) International Journal of Social Science and Business Seminar Nasional Lahan Suboptimal GERVASI: Jurnal Pengabdian kepada Masyarakat SOCIAL CLINICAL PHARMACY INDONESIA JOURNAL Jurnal Sistem Informasi Universitas Dinamika Pharmaceutical Sciences and Research (PSR) Indonesian Capital Market Review Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Nanggroe: Journal Of Scholarly Service Nanggroe: Journal of Scholarly Service Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) International Research Journal of Business Studies
Robiyanto Robiyanto, Robiyanto
Jurusan Teknik Sipil Fakultas Teknik Universitas Lampung.
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Cross-Asset Portfolio Modeling: A Comparative Study of Symmetrical and Asymmetric Dynamic Methods Oktavianto, Dismas; Robiyanto, Robiyanto; Huruta, Andrian Dolfriandra
Media Ekonomi dan Manajemen Vol 40, No 1 (2025): January 2025
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v40i1.5302

Abstract

This study aims to develop a dynamic portfolio model based on asset class, precious metals, world oil, and dollar index. This study performs a comparative test between the Dynamics Conditional Correlation (DCC) and Asymmetric Dynamics Conditional Correlation (ADCC) to determine the best method in forming a dynamic portfolio. Four big cap companies on the Indonesian stock market (BBCA, BBRI, BMRI, and ASII) are examined in this study. The data used were daily returns for the period of January 2, 1998 – December 31, 2020, analyzed using Dynamics Conditional Correlation (DCC) and Asymmetric Dynamics Conditional Correlation (ADCC). The results of empirical testing suggest that including gold, world oil, and dollar index into the dynamic portfolio might increase the portfolio performance and minimize its risks. The stock-gold portfolios formed by utilizing the DCC and ADCC-GARCH methods outperform those composed of only stock. Gold could act as a financial system stabilizer by mitigating losses in the case of extreme negative market shocks. Stock-WTI portfolios formed by utilizing the DCC and ADCC-GARCH methods also outperform those composed of only stock.
Kejadian Obat-Obatan Penginduksi Kerusakan Liver pada Pasien Sirosis Rawat Inap di RSUD Dokter Soedarso Kalimantan Barat Robiyanto, Robiyanto; Liana, Jesica; Purwanti, Nera Umilia
JSFK (Jurnal Sains Farmasi & Klinis) Vol 6 No 3 (2019): J Sains Farm Klin 6(3), Desember 2019
Publisher : Fakultas Farmasi Universitas Andalas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/jsfk.6.3.274-285.2019

Abstract

Potensi terjadinya hepatotoksisitas karena penggunaan obat merupakan masalah klinis yang perlu diperliverkan. Risiko ini dapat menyebabkan bertambah parahnya penyakit liver yang diderita oleh pasien yang memang sudah menderita penyakit liver tertentu. Penelitian ini bertujuan untuk menentukan jenis obat yang paling berpotensi menginduksi kerusakan liver atau drug-induced liver injury (DILI) dan persentase peresepan obat berdasarkan kategori Likelihood Scores (A. B. C. D. E. E*. X). Penelitian ini merupakan penelitian observasional deskriptif dengan desain cross-sectional. Pengambilan data dilakukan secara retrospektif melalui rekam medik pasien sirosis rawat inap tahun 2017. Sebanyak 36 pasien sirosis yang memenuhi kriteria inklusi diambil sebagai sampel penelitian. Analisa data menggunakan LiverTox database (https://livertox.nih.gov/) untuk mengetahui kategori Likelihood Scores dari masing-masing obat. Hasil penelitian menunjukkan jenis obat yang paling banyak diresepkan dan berpotensi menginduksi kerusakan liver adalah paracetamol (kategori A), ranitidin (B), cetirizin (C), spironolakton (D), furosemid (E), dan ketorolac (E*). Persentase peresepan obat berdasarkan Likelihood Scores kategori A=1.7%. B=11.6%. C=0.4%. D=13.7%. E=23.6%. E*=3.4% dan X=32.2%. Dapat disimpulkan bahwa peresepan obat yang berpotensi menginduksi keparahan fungsi liver (kategori A.B.C.D.E.E*) pada pasien sirosis rawat inap di RSUD dr. Soedarso Pontianak masih tergolong tinggi (54.4%) dan memerlukan pertimbangan klinis yang hati-hati.
Simulation-Based Pricing and Settlement Price Distributions of Indonesian Structured Warrants Sasongko, Leopoldus Ricky; Mahatma, Tundjung; Robiyanto, Robiyanto
JTAM (Jurnal Teori dan Aplikasi Matematika) Vol 9, No 2 (2025): April
Publisher : Universitas Muhammadiyah Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31764/jtam.v9i2.29282

Abstract

The Indonesian capital market has experienced significant growth, marked by the introduction of Structured Warrants (SWs) as innovative financial instruments. This study aims to develop a robust simulation-based pricing model for Indonesian Call SWs utilizing the Geometric Brownian Motion (GBM) framework and to determine their settlement price distributions. Monte Carlo simulations were employed to accurately capture the specific characteristics of Indonesian Call SWs, notably their average-price settlement mechanism and conversion rates. The results indicate that the settlement prices conform to a lognormal distribution, validating the GBM assumption and aligning with key trading metrics such as implied volatility, which is widely utilized in the Indonesian SW market. Additionally, the Symmetrical Auto Rejection rule, which imposes realistic constraints on underlying asset price movements, significantly enhances model realism and better reflects actual market conditions. The findings reveal that simulated Indonesian Call SW prices are slightly lower compared to values derived from the Black-Scholes model adjusted for conversion rates, highlighting opportunities for further refinement of pricing methodologies. Investors can leverage these insights to better assess risks and returns by anticipating volatility and price trends, with paying close attention to conversion rates and settlement mechanisms. Issuers may benefit from improved pricing accuracy, thus minimizing mispricing risks, while regulators can utilize this research to assess current market rules and design policies aimed at increasing market efficiency and transparency. 
VOLATILITY OF GOLD AND OIL PRICES ON THE INDONESIAN STOCK MARKET IN GEOPOLITICAL CRISIS Hadi, Natanael Kristolife Ardana; Robiyanto, Robiyanto
Among Makarti Vol 18, No 1 (2025): Among Makarti
Publisher : STIE AMA Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52353/ama.v18i1.815

Abstract

Abstract : This study investigates the impact of oil and gold price volatility on stock market returns in Indonesia during periods of geopolitical instability, specifically the Russia-Ukraine conflict and the Israel-Hamas crisis. Utilizing secondary data, the research analyzes the daily closing prices of West Texas Intermediate (WTI) crude oil, Brent Crude Oil, gold, and the Jakarta Composite Index (JCI). The Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1,1) model is employed as the primary analytical framework. The findings reveal that oil and gold price volatility exerts a positive and unidirectional influence on Indonesian stock returns during the aforementioned geopolitical crises. This suggests that investors tend to seek safe-haven assets, such as gold, in times of economic uncertainty and geopolitical turmoil. The increased volatility in gold prices is indicative of heightened market instability, particularly during financial crises and geopolitical disruptions. These results corroborate the notion of gold serving as a reliable safe-haven asset during periods of economic and geopolitical uncertainty.Abstrak : Penelitian ini menyelidiki dampak volatilitas harga minyak dan emas terhadap imbal hasil pasar saham di Indonesia selama periode ketidakstabilan geopolitik, khususnya konflik Rusia-Ukraina dan krisis Israel-Hamas. Dengan memanfaatkan data sekunder, penelitian ini menganalisis harga penutupan harian minyak mentah West Texas Intermediate (WTI), Brent Crude Oil, emas, dan Indeks Harga Saham Gabungan (IHSG). Model Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1,1) digunakan sebagai kerangka analisis utama. Temuan penelitian ini mengungkapkan bahwa volatilitas harga minyak dan emas memberikan pengaruh positif dan searah terhadap imbal hasil saham Indonesia selama krisis geopolitik tersebut. Hal ini menunjukkan bahwa investor cenderung mencari aset safe haven, seperti emas, di saat ketidakpastian ekonomi dan gejolak geopolitik. Meningkatnya volatilitas harga emas merupakan indikasi meningkatnya ketidakstabilan pasar, terutama selama krisis keuangan dan gangguan geopolitik. Hasil ini menguatkan gagasan bahwa emas berfungsi sebagai aset safe haven yang andal selama periode ketidakpastian ekonomi dan geopolitik.
Corporate Finance and Firm Value in The Indonesian Manufacturing Companies Handriani, Eka; Robiyanto, Robiyanto
International Research Journal of Business Studies Vol. 11 No. 2 (2018): August-November 2018
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.11.2.113-127

Abstract

This study examines the impact of dividend policy, investment decision, and funding policy on firm value in the Indonesian manufacturing companies. This study was conducted by using 178 manufacturing companies listed in the Indonesia Stock Exchange (IDX) during the period 2009 - 2016. Samples were taken by using a purposive sampling method. This study aims to examine the firm value’s main determinants of the manufacturing companies in Indonesia based on basic theory of capital structure through building theoretical model. Partial Least Square through path analysis was used to analyze the data. The findings shows that dividend policy, investment decision, and funding policy have a positive impact on the Indonesian manufacturing companies’ firm value. This study supports the theory of pecking order and agency theory.
Determinants of the Stock Price Volatility In the Indonesian Manufacturing Sector Handayani, Heny; Muharam, Harjum; Mawardi, Wisnu; Robiyanto, Robiyanto
International Research Journal of Business Studies Vol. 11 No. 3 (2018): December 2018 - March 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.11.3.179-193

Abstract

This study aimed to analyze the influence of return on equity, debt to equity ratio, sales growth, firm size, cash ratio, and dividend payout ratio to stock price volatility companies listed on the Indonesia Stock Exchange in the period 2011-2015. The populations of this study are all manufacturing companies listed in Indonesia Stock Exchange (IDX) in the period 2011 to 2015. It obtained eight companies samples with technique purposive sampling method. The data analysis technique used is the regression model panel then be adjusted again by using GARCH (Generalized Autoregressive Conditional Heteroscedasticity). The results showed that the volatility of the stock price only affect without any effect ARCH-GARCH therein. Determining the best models of each prediction is based on estimated volatility GARCH (p, q). The determination of whether there is influence of the factors believed to be the determinants of stock price volatility was done by using panel data regression analysis. The results of panel data regression analysis showed that the company’s stock price volatility in the research samples can be explained by 4.84% by ROE, CR, DER, DPR, company size and sales growth while the remaining 95.16% explained by other variables outside the research. Only sales growth has significant positive effect on stock price volatility.
Nexus between Cryptocurrency Markets and Hedge Funds in Period Before and During Russia-Ukraine War Wibowo, Stefanus Chandra; Robiyanto, Robiyanto; Huruta, Andrian Dolfriandra; Triyanto, Triyanto
Media Ekonomi dan Manajemen Vol 40, No 2 (2025): July 2025
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v40i2.5476

Abstract

The purpose of this study is to identify the pre- and post-war impact of the Russia-Ukraine war on the interaction between cryptocurrencies, cryptocurrency hedge funds, and traditional hedge funds. This study provides a deeper understanding of how geopolitical events can affect the behavior of financial markets involving cryptocurrencies and hedge funds. In addition, this study also seeks to fill the knowledge gap that exists in the current literature, specifically with regards to hedge fund strategies during specific geopolitical conflicts. This study utilizes secondary data involving the cryptocurrency hedge fund index, global hedge fund index, and eight proposed hedge fund strategies. The study period runs from February 2018 to July 2023. Granger Causality Test and ARDL used in this study. The finding shows that there is a significant relationship between cryptocurrency hedge funds and conventional hedge funds. Statistical analysis revealed cointegration between cryptocurrency hedge funds and conventional hedge funds, indicating a significant long-term relationship. This study identified a significant impact of changes in market behavior before and after the Russia-Ukraine war on cryptocurrency hedge funds.
Liquidity, Volatility, and Herding Behavior: A Study of the Indonesia Stock Exchange during the Covid-19 Pandemic Nahar, Zuwan Nisfu; Robiyanto, Robiyanto
Media Ekonomi dan Manajemen Vol 40, No 2 (2025): July 2025
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v40i2.5942

Abstract

This research aims to determine liquidity and volatility conditions and differences in herding behavior during the pre-pandemic, early pandemic, and the new normal period of the COVID-19 pandemic in Indonesia. This research examines the microstructure and proves herding behavior on the Indonesian Stock Exchange (IDX). This research will also look at liquidity and volatility to see market sentiment because investor behavior can be reflected in liquidity and volatility. The population used in this research is the IDX-80 index, with 48 companies as the sample. This study uses CSAD to test herding behavior because it is not sensitive to outliers. This research found that the highest market liquidity and volatility occurred during the early pandemic, and the highest herding behavior occurred during the new normal period. The market response to each event can also determine the direction of stock movements, so investors can take advantage of this period to collect shares and sell them again when prices rise. This research offers a summary of the Indonesian capital market during significant events, which can assist investors in developing investment plans that consider the course of events. Practically, this study offers actionable insights for investors by explaining how market conditions during different phases of the pandemic influence investment strategies.
Co-Authors A. Harijono A.A. Ketut Agung Cahyawan W Adiwidjojo, Enrico Pranata Agus Dwi Churniawan, Agus Dwi Akhmadi Akhmadi Amalia, Yessi Andrian Dolfriandra Huruta Angelina, Ria Asmaul Husna Butarbutar, Ruth Haryati Catherine, Happy Churniawan, Agus Dwi Dwijayati, Bonita Restu Eka Handriani Eka Kartika Untari Fatikasari, Imania Fitri, Alya Syafika Hadi, Natanael Kristolife Ardana Hadisa, Nurul Harjum Muharam Hartanto, Aldhi Fajar Harwi Kusnadi Heny Handayani Hermiana, Aida Islamy, Muhamad Rido Isnindar Isnindar Jeni, Frima Jusak Jusak Jusak, Jusak Komala Inggarwati, Komala Kusuma, Ria Lakaba, Angriana Leopoldus Ricky Sasongko Lestari, Urai Indah Rachmawati Liana, Jesica Luliana, Sri Marsela, Marsiana Melcin, Sella Angelina Mikasari, Wilda Nafiah, Ilma Nahar, Zuwan Nisfu Nera Umilia Purwanti, Nera Umilia Nugroho, Ainine Devara Nurlita, Eva Nurmainah Nurmainah Nurohman, Nurohman Oktavianto, Dismas Petrus Wijayanto Potto, Otniel Syebastian Agusto Pratiwi Apridamayanti, Pratiwi Pratiwi, Nabilla Putri Pratiwi, Siska Gita Priyanto, Aldi Rahmadani, Ardha Laila Reni Haerani Rosmimi, Monika Salvatori, Etheldreda Gladys Samuel Martono Sanera, Ferlino Saputra, Ilham Saputri, Aisyah Stefan, Yonatan Alvin Supentri Suraya, Dini Susanti, Ressi Tamara, Sephia Lisa Tundjung Mahatma Wibowo, Stefanus Chandra Wisnu Mawardi Yesmawati, Yesmawati Yuliana, Ashalia Fitri Yunita Yunita