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All Journal QIJIS (Qudus International Journal Of Islamic Studies) EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Economic Education Analysis Journal Asia-Pacific Management and Business Application Syntax Literate: Jurnal Ilmiah Indonesia JMKSP (Jurnal Manajemen, Kepemimpinan, dan Supervisi Pendidikan) Ultima Management : Jurnal Ilmu Manajemen Jurnal Mantik Dinasti International Journal of Education Management and Social Science Al-Kharaj: Journal of Islamic Economic and Business Journal of Economics and Business UBS International Journal of Social Service and Research Multidiciplinary Output Research for Actual and International Issue (Morfai Journal) International Journal of Islamic and Social Sciences (ISOS) Indonesian Capital Market Review Journal of Finance and Islamic Banking
Nur Dhani Hendranastiti
Universitas Indonesia
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

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Analysis Of Investment Feasibility In A Water Lost Control Program: Study Case Regional Owned Enterprise Garin Rizki Arishaldi; Nur Dhani Hendranastiti
International Journal of Islamic and Social Sciences (ISOS) Vol. 1 No. 2 (2021): ISOS : International Journal of Islamic and Social Sciences
Publisher : UIN Mataram

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Abstract

his study aims to analyze the financial feasibility of each water loss control program at PERUMDA Tirta Pakuan Bogor City as a solution in reducing the water loss. This feasibility study was conducted by calculating the NPV, Net B/C Ratio, IRR, and Payback Period for three different Scenarios, which are: (i) 100% equity, (ii) 75% equity and 25% debt, and (iii) 50% equity and 50% debt. According to the calculation, the best investment scenario being selected is the one with the highest NPV, that is Scenario 3. Not only this is supported by the value of IRR that is higher than the WACC (19.05%>17.15%), it also has the highest Net B/C Ratio. The sensitivity analysis also shows that the interest rate and proportion of loan do not have significant effects on the NPV obtained. At the same level of interest rate, the NPV obtained will be higher if the proportion of debt submitted is larger. However, for the same portion of the loan, the losses occurring will only appear if there is a change in interest rates of more than 600%.
Comparison of Portfolio Selection and Performance: Shari’ah-Compliant and Socially Responsible Investment Portfolios Asutay, Mehmet; Hendranastiti, Nur Dhani
The Indonesian Capital Market Review Vol. 7, No. 1
Publisher : UI Scholars Hub

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Abstract

This study examines the effect of Islamic screening criteria on Shari’ah-compliant portfolio selection and performance compared to Socially Responsible Investment (SRI) portfolio. Each portfolio constructed from 15 stocks based on FTSE 100 using data from year 1997. Mean-variance portfolio optimization is employed with some financial ratios added as constraints for the Shari’ah portfolio. Annual expected return of each portfolio from 2008 to 2013 is used to calculate Sharpe’s ratio, Treynor ratio and Jensen’s alpha as the performance measurement tools. Macroeconomic variables are assessed using ordinary least square to examine whether they influence the portfolios’ expected returns or not. The result finds that Shari’ah portfolio has a better performance than SRI from year 2008 to 2010 shown by higher value of the measurement tools. However, from 2011 to 2013, SRI portfolio has better performance than Shari’ah portfolio.
LEVERAGE EFFECT BETWEEN ISLAMIC STOCK AND SRI INDICES: CASE OF INDONESIA Nur Dhani Hendranastiti
Ultima Management : Jurnal Ilmu Manajemen Vol 14 No 2 (2022): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v14i2.2912

Abstract

Abstract- This paper examines the difference in leverage effect between the Islamic stock index and the SRI index using the Indonesian data for a period before and during-after the COVID-19 pandemic. The interrelated issues of health and environment, starting from the COVID-19 pandemic, energy use, and environmental issues can have a different effects on different asset classes. With the distinctive feature of the Islamic stock index and SRI index, it can attract investors who want to diversify their portfolio to hedge against the health and environmental crisis. This study aims to examine the volatility risk in ISSI and SRI-Kehati as an impact of various events in 2020-2022. This paper attempts to test the leverage effect for a longer period incorporating the various major events in 2020-2022. This study uses daily price index data of ISSI and SRI-Kehati Index for the period 10/04/2013-28/11/2022 and employed the ARMA-EGARCH models to answer the objectives. The results show that there is a leverage effect in ISSI and SRI-Kehati for a period before and during-after the COVID-19 pandemic although the magnitude is lower after the during-after pandemic. The leverage effect indicates that the negative return that occurred in the constituents of both indices leads to higher volatility, implying that both indices are not prone to various events. The lower magnitude of the leverage effect on SRI-Kehati can give better assurance for investors regarding the volatility risk of the index. Keywords: Islamic Stock Index; SRI Index; COVID-19; Crisis; Leverage Effect
Covıd-19: Fınancıal Spıllover To Emergıng Asıa’s Fınancıal Markets Chandra Susilo; Nur Dhani Hendranastiti
APMBA (Asia Pacific Management and Business Application) Vol 11, No 2 (2022)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2022.011.02.3

Abstract

This paper aims to investigate the role of China compared to the US in transmitting spillover to ASEAN-5 countries (or vice versa) during COVID-19 recession. It uses the DECO GARCH model of Engle & Kelly (2012) to see the dynamic correlation between indexes and the spillover index by Diebold and Yilmaz (2012) to describe the direction of spillover between countries. This paper analyzes daily return data on stock market indexes of China, the United States, and ASEAN-5 for the period 2016 to 2022. The findings demonstrate an increase in positive spillover correlation during the COVID-19 crisis between China and ASEAN-5 as well as US and ASEAN-5 albeit with lower pre crisis correlation level than China. US acts as a net transmitter (spillover to ASEAN-5 is higher than in the opposite direction), while China is a net receiver. The findings are beneficial to provide insight into Emerging Asia market’s connectedness, which in turn will be able to guide the hedging strategies and portfolio risk management of investment in the region.  
Indications of Creeping Acquisition through Rights Issues in Indonesian Non Financial Companies during 2018-2021 Zafirah Rizka; Nur Dhani Hendranastiti
Economic Education Analysis Journal Vol 12 No 3 (2023): Economic Education Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/eeaj.v12i3.69732

Abstract

Creeping acquisition (CA) which happens all around the world could harm the market. This research discusses CA activities through rights issue (RI) transactions in the Indonesian capital market for publicly listed non-financial institution companies during 2018 – 2021. The method used in this study is a quantitative method with a cross sectional design to. The regressions used are linear and logistics, using 180 purposive samples of entities. The results of the study show that rights issuing companies experienced greater changes in investor share ownership, so do the business group rights issuing companies. Rights issuing companies experienced relatively large changes in investor ownership, namely >3% in the year prior to the issuance of the rights issue, thus increasing the company's intention to issue rights. But when viewed from the investors activities such as selling or capital expanding who loss >3%, it does not increase the company's intention to issue rights in the following year. RI with non-specific objectives does not have a stronger impact on changes in investor's share ownership of >5% in the company.
Pengaruh Behavioral Bias Terhadap Keputusan Investor Untuk Berinvestasi pada Instrumen Keuangan Syariah: Peran Mediasi Risk Perception Annisaningrum Yuliastuti; Nur Dhani Hendranastiti
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v9i8.17304

Abstract

Penelitian ini bertujuan untuk meneliti hubungan, baik hubungan langsung maupun tidak langsung, antara variabel behavioral biases, seperti disposition effect, herding behaviour, dan Islamic financial instrument bias terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah melalui variabel risk perception sebagai mediator. Penelitian ini dilakukan dengan mengumpukan data primer melalui self administered questionnaire. Sampel yang digunakan dalam penelitian adalah investor Gen X dan Gen Y di pasar modal syariah yang berdomisili di wilayah Jabodetabek. Uji hipotesis dilakukan dengan metode structural equation modelling(SEM) melalui smart partial least squares (PLS). Hasil penelitian menunjukkan bahwa herding behaviour dan Islamic financial instrument bias berpengaruh positif signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Disposition effect dan Islamic financial instrument bias berpengaruh positif dan signifikan terhadap risk perception. Sementara itu, risk perception tidak mampu memediasi hubungan seluruh variabel behavioral biases dengan keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Secara umum, tidak terdapat perbedaan signifikan antara karakteristik gen X dan gen Y. Pada gen Y ditemukan bahwa herding behaviour memiliki pengaruh positif dan signifikan terhadap keputusan investor untuk berinvestasi pada instrumen keuangan syariah. Selain itu, disposition effect adalah faktor yang menjelaskan terjadinya risk perception. Kedua temuan ini tidak ditemukan pada perilaku gen X.
Understanding the Historical Emergence of Islamic Finance in Indonesia: An Institutional and Social Movement Perspetive Indrastomo, Banjaran Surya; Kasri, Rahmatina Awaliah; Hendranastiti, Nur Dhani
QIJIS Vol 11, No 1 (2023)
Publisher : IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/qijis.v11i1.16431

Abstract

Despite the rapid growth of Islamic finance globally, studies have not yet attempted to rationalise how it emerged and developed. Therefore, drawing on a dialogue between institutional and social movement theories, this study aims to understand the process that led to the emergence and development of Islamic finance in Indonesia. Based on primary data collected from 32 Indonesian Islamic finance activists and other relevant sources, the study suggests that the emergence and development of the Islamic financial institution in Indonesia was an outcome of the changing approach of the Islamic economic movement in realising its goals, shifting from an experimental outsider initiative to an internally generated one that attempts to effect change from within. Furthermore, the dynamic development of Islamic finance in Indonesia can be framed and categorised into several periods: an introduction period (1983–1992), a recognition period (1993–2004), a crystallisation period (2005–2014), and a centralisation period (2014–present). These results are expected to enrich the literature on the emergence of Islamic finance and provide insights to develop and ‘reform’ the Islamic financial institution to realise its idealism.
UNLOCKING PRIVATE INVESTMENT BY EXPANDING THE SCOPE OF EXISTING TOLL ROAD PPPs AGREEMENTS Azka, Fahmi Amika; Hendranastiti, Nur Dhani
Ultima Management : Jurnal Ilmu Manajemen Vol 15 No 1 (2023): Ultima Management : Jurnal Ilmu Manajemen
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/manajemen.v15i1.3180

Abstract

Abstract - The inability of governments in many developing countries to provide basic infrastructure has encouraged the adoption of Public Private Partnership (PPP) schemes. However, many developing countries fail to attract sufficient private investment from the PPP market. This paper develops alternative schemes that can minimize the funding gap and promote sustainable infrastructure investment through modified PPP agreements at later stages of the project life cycle by making special tariff adjustments on existing toll roads. To answer research questions, both conceptual model development and empirical analysis are utilized. The study collects both quantitative and qualitative data for analysis and interpretatio. The results indicate that expanding the scope of existing PPP agreements increases the net present value as it allows for larger cash inflows at the start, leading to a faster payback period. Additionally, this scheme reduces the need for cash deficiency support during the initial period of operation. The alternative schemes encourage lower support for government subsidies, offer a reasonable tariff for users, and provide an attractive investment return for private interests. Keywords: Public Private Partnership; Concession Agreement; Toll Road; Sustainable Investment, Funding Gap
The Impact of Environmental Social Governance (ESG) on Firm Performance with the Moderating Role of CEO Turnover Ameliawati, Hertya Dwi; Hendranastiti, Nur Dhani
JMKSP (Jurnal Manajemen, Kepemimpinan, dan Supervisi Pendidikan) Vol. 9 No. 2 (2024): JMKSP (Jurnal Manajemen, Kepemimpinan, dan Supervisi Pendidikan)
Publisher : Graduate Program Magister Manajemen Pendidikan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31851/jmksp.v9i2.16355

Abstract

This research aims to investigate the influence of Environmental, Social, and Governance (ESG) on firm performance, measured by Return on Equity (ROE). Additionally, the study explores the moderating role of CEO turnover in the relationship between ESG and firm performance in publicly listed companies on the Indonesia Stock Exchange, with a sample of 33 companies from 2016 to 2022. The GMM estimator method is employed to address endogeneity issues, ensuring consistent and unbiased estimation results. Findings indicate that overall ESG performance significantly affects firm performance, emphasizing the importance of implementing ESG principles in Indonesian businesses to enhance ROE. Other results reveal the pure moderating role of CEO turnover, weakening the relationship between ESG and firm performance. Therefore, proper planning and guidelines for CEO succession are crucial for improving firm performance and sustainability. The research results carry important implications for Indonesian companies to consider ESG implementation in their business strategies. Furthermore, CEO succession planning management is key to maximizing the positive impact of ESG on firm performance. This study contributes to a deeper understanding of how ESG factors influence firm performance in the Indonesian business context, highlighting the significance of executive leadership in managing these impacts.
Role of the foreign bank representative office to encourage foreign direct investment inflow increasement in Indonesia Aryati, Yustia; Hendranastiti, Nur Dhani
Jurnal Mantik Vol. 8 No. 1 (2024): May: Manajemen, Teknologi Informatika dan Komunikasi (Mantik)
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/mantik.v8i1.4951

Abstract

Offshore loans to Indonesian borrowers are essential for financing large-scale investment projects in Indonesia. This research uses a mixed method between case studies and Spearman Rank correlation tests. The qualitative approach was through interviews to collect research data and continued with a quantitative approach using the Spearman Rank correlation test. The study found that during 2017 and 2022, there are offshore loans were used for project financing with sector similarities with greenfield FDI inflows and international project finance. Also, there were representative offices actively involved in the M&A process of a national bank in 2022 and a Multi finance company in 2020. This research fills a knowledge gap regarding the role of foreign bank representative offices concerning FDI inflows in Indonesia.
Co-Authors Ameliawati, Hertya Dwi Anasang Diskan Poetra Annisaningrum Yuliastuti Aryati, Yustia Asutay, Mehmet Aulia Rayendra Rahman Avianuari, Fanny Azka, Fahmi Amika Azmi, Nurul Farida Chandra Susilo Eko Nugroho, Taufik Garin Rizki Arishaldi Indrastomo, Banjaran Surya Nugraha, Zulfian Winanda Rahmatina Awaliah Kasri Zafirah Rizka