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Determinants Of Investment Portfolio Performance: A Systematics Literature Review Yuliana, Rena; Siwiyanti, Leonita; Purnomo, Budi Supriatono; Purnamasari, Imas
The Eastasouth Management and Business Vol. 2 No. 02 (2024): The Eastasouth Management and Business (ESMB)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/esmb.v2i02.184

Abstract

A thorough grasp of the variables influencing portfolio performance is necessary given the significance of investment portfolio management in the face of shifting financial market dynamics. This study uses a method called the Systematic Literature Review (SLR) approach with an emphasis on Prefered Reporting Item for Systematic Review and Meta-Analysis (PRISMA) 2020, which has not been discovered in prior research on the same issue. The study highlights the importance of ratios like Sharpe, Treynor, Jensen, and Sortino in assessing investment portfolio success. It also highlights the impact of non-financial variables like household preferences on performance. Return is crucial, and diversification can lower risk and boost returns. The study emphasizes the use of Value-at-Risk (VaR) for dynamic risk evaluation.
Navigating the Landscape of Islamic FinTech: A Comprehensive Literature Review Rani, Asni Mustika; Purnomo, Budi Supriatono; Purnamasari, Imas
The Eastasouth Management and Business Vol. 2 No. 02 (2024): The Eastasouth Management and Business (ESMB)
Publisher : Eastasouth Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/esmb.v2i02.199

Abstract

The primary objective is to provide a comprehensive understanding of the current state and potential growth of Islamic FinTech in Indonesia. Specifically, the study delves into the impact of the COVID-19 pandemic, regulatory considerations, and the role of Sharia principles in shaping the Islamic FinTech landscape. Employing bibliometrics, literature review, and content analysis, the study examines Scopus-indexed documents related to Islamic FinTech. The research uses VOSViewer for network analysis, providing insights into research trends, influential articles, and keyword co-occurrence, thereby contributing to the existing literature on Islamic FinTech. The study identifies four thematic clusters in the global distribution of Islamic FinTech research: (1) Islamic FinTech, (2) Islamic finance, (3) technology, and (4) Islamic economics. Additionally, the research illustrates the surge in Islamic FinTech publications since 2018, indicating growing global interest. Noteworthy is Indonesia's substantial contribution to Islamic FinTech research, reflecting the country's emergence as a significant player in this domain.
Dynamics of Learning Autonomy in Economics Learning: A Bibliometric Exploration Sadiah, Emas; Purnamasari, Imas
Proceedings International Conference on Education Innovation and Social Science 2025: Proceedings International Conference on Education Innovation and Social Science
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to map the development of learning autonomy research in economic learning through bibliometric analysis of Scopus-indexed publications for 2005–2025. The method used is bibliometric, with the stages of identification, selection, and document analysis using the Biblioshiny R application. From 17,104 initial publications, 30 selected relevant documents were analyzed in depth. The novelty of this study lies in the systematic mapping of trends, collaboration patterns, and thematic dynamics of learning autonomy research that has not previously been explored quantitatively in economics. The main findings show an annual publication growth of 5.65%, with dominant contributions from authors and institutions in China, especially Hunan University and author Chen L. The primary focus of the research remains on the issues of "autonomous learning", "learning autonomy", and "learner autonomy". However, integrating new topics, such as artificial intelligence, blended learning, and soft skills development, has begun to stand out since 2018. International collaboration has begun to develop, but its intensity is still low, and contributions from other countries are still limited. The main recommendation is to increase international and multidisciplinary collaboration and expand contributions from institutions and countries outside China. Future research is suggested to further integrate digital technologies and soft skills in the context of learning autonomy.
Behavioral Finance Factors and Investment Decisions in Retail: a Moderation Analysis Across Demographic Segments Rita Satria; Nugraha Nugraha; Disman Disman; Imas Purnamasari
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i1.6006

Abstract

Young retail investors in the Indonesian capital market often face challenges due to various behavioral finance biases that can negatively impact their investment decisions. This study aims to examine the impact of herding, overconfidence, mental accounting, loss aversion, and bias on the investment decisions of novice retail investors, focusing on the moderating role of demographic factors such as generation, gender, education, and income. Using a quantitative design, data were collected through a structured questionnaire from 254 retail investors, with 246 valid responses analyzed through a regression-based method and moderation analysis using Hayes' PROCESS macro for SPSS. The results indicate that all behavioral finance factors negatively impact investment decisions, with demographic variables significantly moderating this impact. The findings suggest that tailored financial education and advisory services can help young novice investors make more informed and rational investment choices, thereby improving their financial well-being and market participation. The limitations of this study lie in its focus on a specific demographic in Indonesia, while its novelty includes a detailed analysis of the moderating impact of demographics on behavioral finance biases.
Financial Literacy and Behavior of Indonesian Diaspora Women: A Study of Muslimah Humairah Community in South Korea Maulidina, Alma Syifa; Deny, Muhammad; Prayoga, Widi; Purnomo, Budi Supriatono; Purnamasari, Imas
JURNAL BISNIS STRATEGI Vol 34, No 1 (2025): July
Publisher : Master of Management, Faculty of Economics and Business, Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jbs.34.1.52-62

Abstract

This study aims to analyze the influence of Financial Literacy and Financial Behavior on Financial Stability among Indonesian diaspora women in South Korea, specifically within the Muslimah Humairah Community. Using a quantitative approach and a descriptive-verificative design, data were collected through a structured questionnaire from 88 respondents. The research employed multiple linear regression analysis and tested the classical assumptions, including normality, multicollinearity, heteroskedasticity, and autocorrelation. The results demonstrate that both Financial Literacy and Financial Behavior have a significant positive effect on Financial Stability. Financial Literacy plays a more dominant role, with a standardized coefficient (Beta) of 0.783, compared to Financial Behavior, which has a Beta of 0.173. The regression model explains 79.4% of the variation in Financial Stability (R² = 0.794), confirming its robustness. These findings highlight the importance of integrating financial education with practical behavioral interventions to foster economic resilience. Improving financial knowledge and encouraging disciplined financial habits can empower diaspora women to achieve greater financial stability, particularly in the face of economic challenges in a foreign country.
The Impact of Financial Literacy and Financial Behavior on Investment Decision among Private Sector Employees in Tasikmalaya City Prayoga, Widi; Purnomo, Budi Supriatono; Purnamasari, Imas
JURNAL BISNIS STRATEGI Vol 34, No 1 (2025): July
Publisher : Master of Management, Faculty of Economics and Business, Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jbs.34.1.63-78

Abstract

This study aims to determine the extent of the influence of financial literacy and financial behavior on investment decisions among private sector employees in the city of Tasikmalaya. The population in this study is 39,775, with a sample size of 400 determined using the Slovin formula. The research method used is descriptive and verificative, with purposive sampling as the technique. This study employs multiple linear regression, F-test, and t-test. The results show that both financial literacy and financial behavior have a positive and significant impact on investment decisions, both partially and simultaneously. The added value of this research lies in its ability to provide insights into how financial literacy and financial behavior influence investment decisions, particularly among private sector employees in an emerging region like Tasikmalaya. The findings emphasize the importance of financial education in shaping investment behavior, offering valuable data to improve financial literacy programs and interventions. These insights can guide efforts to enhance financial behaviors and promote more informed investment decisions, supporting better financial decision-making among employees.
From Bias to Better Decisions: Behavioral Insights for Financial Literacy Curriculum Development in Higher Education Yuliawati, Tia; Nurhayati, Netti Siska; Abdul Aziz, Nor Farradila; Nugraha; Sari, Maya; Purnamasari, Imas; Harisandi, Prasetyo
IJORER : International Journal of Recent Educational Research Vol. 7 No. 1 (2026): January
Publisher : Faculty of Teacher Training and Education Muhammadiyah University of Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46245/ijorer.v7i1.984

Abstract

Objective: This study aims to analyze the effect of behavioral bias on investment decisions of undergraduate students in Indonesia in the context of higher education with risk perception as a mediating variable and financial literacy as a moderating variable as a basis for strengthening the behavioral-based financial literacy curriculum in universities, as well as preparing students to become rational investors. Method: The study used a quantitative approach by distributing questionnaires to 385 undergraduate students in Indonesia who are active individual investors and registered with the Kustodian Sentral Efek Indonesia (KSEI). The structural model analysis was conducted using SmartPLS 4, while the moderated mediation test was performed using PROCESS Model 59 in SPSS. Results: The study's results indicate that behavioral bias has a significant adverse effect on risk perception, which in turn hurts the investment decisions of students in Indonesia. Financial literacy is proven to act as an important moderating variable. It can weaken the adverse effect of behavioral bias on risk perception and change the impact of risk perception on investment decisions to be positive at high levels of financial literacy. In addition, risk perception mediates the relationship between behavioral bias and investment decisions, especially at moderate levels of financial literacy. Novelty: The findings underscore the importance of integrating behavioral aspects in developing financial literacy curricula in higher education to equip students with the cognitive and affective competencies needed for rational investment decision-making. This study contributes to the behavioral finance literature and offers practical and theoretical contributions for educators and policymakers in designing contextual and behavioral-based financial literacy education for students.
Enhancing Santri Entrepreneurship through University–Pesantren Engagement Purnamasari, Imas; Machmud, Amir; Nugraha, Nugraha; Ramdhany, Muhamad Arief; Lhutfi, Iqbal; Mulyadi, Hari; Sojanah, Janah; Supardi, Endang; Rasto, Rasto; Istikomah, Navik
IMPOWERMENT SOCIETY Vol 9 No 1 (2026): February 2026
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/eps.v9i1.1906

Abstract

This study examines a community engagement initiative aimed at enhancing the entrepreneurial competencies of santri at an Islamic boarding school in West Java, Indonesia. The programme was implemented on 1 November 2025 and involved more than 200 santri. Employing an experiential learning approach, the intervention consisted of interactive training sessions, Business Model Canvas workshops, and experience-sharing activities with successful entrepreneurs who were alumni of Islamic boarding schools. The instructional content covered fundamental entrepreneurship concepts, development of the entrepreneurial mindset, opportunity identification, digital marketing, basic financial management, and Islamic entrepreneurship principles. Pre-test results indicated that 65% of participants had a limited understanding of entrepreneurship, whereas post-test findings revealed substantial improvement, with 85% demonstrating a comprehensive understanding of core entrepreneurial concepts.
The Role of Work Environment in Moderating the Influence of Leadership on Work Motivation at BAZNAS Garut Regency Mulyawan, Bintang Azrieel; Oktaroza, Magnaz Lestira; Purnamasari, Imas
Journal Corner of Education, Linguistics, and Literature Vol. 5 No. 1 (2025): August
Publisher : CV. Tripe Konsultan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54012/jcell.v5i1.517

Abstract

This study aims to examine the impact of leadership on employee work motivation and to investigate the role of the work environment as a moderating variable in this relationship. A quantitative approach with a descriptive correlational design was employed for this research. Data were collected through a questionnaire administered to 50 BAZNAS Garut District staff members selected via total sampling. Data analysis was conducted using moderation regression with the assistance of statistical software. The findings indicate that leadership has a positive and significant effect on work motivation. Furthermore, the work environment has been shown to enhance the relationship between leadership and work motivation. The implications of these findings highlight the importance of developing effective leadership styles and creating a conducive work environment to boost employee morale in the Islamic philanthropy sector.
The Effect of Market Risk, Business Risk, and Financial Risk on Stock Returns in Automotive Companies Hadiansyah Ma’sum; Budi Supriatono Purnomo; Imas Purnamasari
Journal of Economics, Entrepreneurship, Management Business and Accounting Vol 2 No 1 (2024): Volume 2, Issue 1, January-April 2024
Publisher : CV. Sakura Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61255/jeemba.v2i1.288

Abstract

This research aims to determine the influence of investment risk consisting of market risk (X1), business risk (X2), and financial risk (X3) on stock returns (Y) in automotive companies listed on the BEI in 2014-2023 simultaneously and Partial. This research data was obtained from the financial reports of automotive companies listed on the Indonesia Stock Exchange (BEI) and the finance.yahoo.com website. The research sample consisted of 10 automotive companies listed on the Indonesia Stock Exchange for 10 years, namely the 2014-2023 period. The data analysis technique used is descriptive statistical analysis and multiple linear regression analysis using the t test and F test methods. The results of the research show that the market risk variable has a significant negative influence on stock returns, business risk has a significant positive influence on stock returns and financial variables. risk has an insignificant negative effect on stock returns. Meanwhile, simultaneously (F test) the independent variables have a significant influence on the stock return variable. With a determinant coefficient (R2) of 0.111, it shows that 11.1% of the dependent variable on stock returns can be explained by independent variables consisting of market risk, business risk and financial risk and the remaining 88.9% is explained by other variables that are not researched.
Co-Authors A Sobandi Abdul Aziz, Nor Farradila Abdul Rozak Abdul Rozak Abdulah Mubarok Dadang ACHEAMPONG, KENNEDY Adi Sopian Adityani, Edna Ayu Aggi Panigoro Sarifiyono Ahiase, Godwin Ahim Surachim Alma Syifa Maulidina Amani, Akbar Riskal Amir Machmud, Amir Andrieta Shintia Dewi Anggun Mutia Anisa Anisa Arie Gunawan Arvian Triantoro Asep Kurniawan Asti Nur Aryanti Auliadara, Nurul Azizah Fauziyah Badar, Dadan Samsul Badria Muntashofi Budi Purnomo Budi Purnomo Budi Purnomo Budi S Purnomo Candra, Rulit Ciptagustia, Annisa Dadang, Abdulah Mubarok Dasril, Yuki Dwi Darma Della Fauzia Kundari Dematria Pringgabayu Desty Endrawati Subroto Dewi Puspasari Dewi Puspasari Dian Hardiana Disman Disman Disman, Disman Doni Dirgantara Duduh Sujana Eded Tarmedi, Eded Egi Arvian Firmansyah Elan Elsa, Yulandri Elva Herlianti Endang Supardi, Endang Esi, Esi Fitriani Komara Fakhrul Anwar Zainol Fanni Husnul Hanifa Fauziyyah, Nur Azizah Fitri Novilia Fitri, Irma Kurnia Frido Saritua Simatupang Gunawan, Ashari H. Nugraha Hadiansyah Ma’sum Hari Mulyadi Hari Mulyadi, Hari Hari Supriadi harisandi, Prasetyo Hartika, Nely Havidotinnisa, Siti Heny Hendrayati Heraeni Tanuatmodjo Herilna Herlina, Herilna Heryana, Toni Ikaputera Waspada, Ikaputera Iqbal Lhutfi Irawan, Sopyan Irma Kurnia Fitri Iskandar Iskandar Janah Sojanah, Janah Khoirunnisa, Fairuz Kurjono Kurjono Kurjono, Kurjono Kusuma, Andita Delya Laely Purnamasari Latifah, Widi Asih Noor Leni Yuliyanti, Leni Leonita Siwiyanti M. Arief Ramdhany Magnaz Lestira Oktaroza Mardiani, Rika Maria Lusiana Yulianti Maula, Sam Alpha Maya Sari Maya Sari Maya Sari Mayasari Mayasari, Mayasari Medyawicesar, Hana Meiwatizal Trihastuti Miftakul Huda Mohammad Solehudin Muhamad Fikri, Muhamad Muhamad Syahwildan Muhamat, Amirul Afif Muhammad Deny, Muhammad Muhammad Ifan Fadillah Mulyani, Heni Mulyani, Heni Mulyawan, Bintang Azrieel Muthahhari, Muhammad Husain Nadeak, Thomas Navik Istikomah Nely Hartika Neng Susi Susilawati Sugiana Netti Siska Nurhayati Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha Nugraha, H. Nugrahanti, Pipin Nurgraha, Nugraha Nurmansyah, Abdul Ahmad Hafidh Palupi Permata Rahmi Permatasari, Ghaisani Ayu Pitri Yanti Prayoga, Widi Purnomo , Budi Supriatono Purnomo, Budi Supriatono Rahim, Sarah Aulia Rahmat Fajar Santoso Muslim Rahmawati, Fuji Rani, Asni Mustika Rasto, Rasto Rawati, Fitrin Rengga Madya Riske Faldesiani Rosyidah Rahmah Sadiah, Emas Satria, Rita Septiany Maulani Soraya Shafira Nur Simatupang, Frido Sarita Simatupang, Frido Saritua Siti Havidotinnisa Suci Wulandari Sugiharti, Harpa Sukardi, Hadi Ahmad Sulastri Sulastri SUSAN SUSANTI, SUSAN Suwatno Suwatno Syamsul Hadi Senen, Syamsul Hadi Syifa Pramudita Faddila Tarsih Tarsih Thomas Nadeak Tia Yuliawati Utama, Wahyudayanto Vena Melliyani Yayat Supriyatna Yomi Romlah, Oom Yulandri, Elsa Yuliana, Rena Yulianty, Puspa Dewi Yusuf Murtadlo Yusuf Suryana