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ANALISIS HUBUNGAN SIMULTAN KEBIJAKAN INVESTASI, HUTANG & DIVIDEN PERUSAHAN (Studi Kasus Perusahaan Property & Real Estate yang Terdaftar di BEI Tahun 2011-2014) Efendi, Mochamad Yusuf; Arfianto, Erman Denny
Diponegoro Journal of Management Volume 5, Nomor 2, Tahun 2016
Publisher : Faculty of Economics and Business Diponegoro University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (179.874 KB)

The purpose of this research is to analyze simultaneous relationship between the Investment Policy, Debt and Dividend of firms. The effect of Uncertainty and Sales Growth to Investment Policy, The effect of Asset Tangibility and Deficit Financing the Debt Policy and The effect of the Return On Asset (ROA) and Retained Earnings (RE) to the Dividend Policy of Property and Real Estate Firm listed on Indonesia Stock Exchange.Sample in this research were selected by using purposive sampling method with some criteria. The samples are 39 firm listed in Indonesia Stock Exchange 2011-2014 period. The statistic method that used in this research are descriptive analysis, classical assumption test (Normality test, Heteroscedasticity test, multicollinearity test, autocorrelarity test), simultaneous equation models analysis (Three Stage Least Squares), Hausman Test, hypothesis test (F-statistics Test, t-statistics test, and Coefficient of Determination Test).The results showed that The Investment Policy and Debt Policy have a negative and unrelated simultaneously, Investment Policy and Dividend Policy have a negative and unrelated simultaneously, Debt Policy and Dividend Policy have a negative and related simultaneously. Uncertainties have a negative and not significant to Investment Policy and Sales Growth have a positive and not significant to Investment Policy, Asset Tangibility have a positive and not significant to Debt Policy and Deficit Financing have a negative and significant to Debt Policy, Return on Assets (ROA) have a positive and significant to Dividend Policy and Retained Earnings (RE) have a positive and no significant to Dividend Policy.

Techno-Economic and Environmental Analysis of an On-Grid and Off-Grid Renewable Energy Hybrid System in an Energy-Rich Rural Area: A Case in Indonesia Umam, Faikul; Wahyu, Fiki Milatul; Efendi, Mochamad Yusuf; Amir, Nizar; Gozan, Misri; Asmara, Yuli Panca
Journal of Robotics and Control (JRC) Vol 5, No 5 (2024)
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jrc.v5i5.22633

Developing a dedicated renewable energy hybrid system is a viable option for extending access to electrical energy in energy-rich rural areas. This study conducted a feasibility analysis of using a hybrid energy system, combining solar photovoltaic, wind, and biogas, to generate electricity and meet the energy needs of the rural area. West Waru Village is selected as the case study area for this research because it has abundant renewable energy sources. The Hybrid Optimization of Multiple Energy Resources (HOMER) tools is employed for modeling and optimizing the hybrid energy system, offering a comprehensive analysis encompassing technical, economic, and environmental aspects. Furthermore, the study's findings were further analyzed through a sensitivity analysis, considering unpredictable factors such as village load consumption, solar radiation, wind speed, and biomass availability. Additionally, the study’s results reveals that the renewable energy hybrid system can meet nearly 80% of the rural area's electrical energy requirements at a cost of $0.16 per kWh, resulting in the reduction of 8.4 million kg of carbon dioxide emissions. These findings can serve as a baseline for stakeholders in developing renewable energy systems in rural areas.

Techno-Economic and Environmental Analysis of an On-Grid and Off-Grid Renewable Energy Hybrid System in an Energy-Rich Rural Area: A Case in Indonesia Umam, Faikul; Wahyu, Fiki Milatul; Efendi, Mochamad Yusuf; Amir, Nizar; Gozan, Misri; Asmara, Yuli Panca
Journal of Robotics and Control (JRC) Vol. 5 No. 5 (2024)
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jrc.v5i5.22633

Developing a dedicated renewable energy hybrid system is a viable option for extending access to electrical energy in energy-rich rural areas. This study conducted a feasibility analysis of using a hybrid energy system, combining solar photovoltaic, wind, and biogas, to generate electricity and meet the energy needs of the rural area. West Waru Village is selected as the case study area for this research because it has abundant renewable energy sources. The Hybrid Optimization of Multiple Energy Resources (HOMER) tools is employed for modeling and optimizing the hybrid energy system, offering a comprehensive analysis encompassing technical, economic, and environmental aspects. Furthermore, the study's findings were further analyzed through a sensitivity analysis, considering unpredictable factors such as village load consumption, solar radiation, wind speed, and biomass availability. Additionally, the study’s results reveals that the renewable energy hybrid system can meet nearly 80% of the rural area's electrical energy requirements at a cost of $0.16 per kWh, resulting in the reduction of 8.4 million kg of carbon dioxide emissions. These findings can serve as a baseline for stakeholders in developing renewable energy systems in rural areas.

Integrated upgrading of waste cooking oil–derived biodiesel via reaction pathway selection, adsorption, and feedstock blending Gozan, Misri; Efendi, Mochamad Yusuf; Harahap, Andre Fahriz Perdana; Thanapimmetha, Anusith; Saisriyoot, Maythee; Krajomethong, Pattarawit; Srinophakun, Penjit
International Journal of Renewable Energy Development Vol 15, No 2 (2026): March 2026
Publisher : Center of Biomass & Renewable Energy (CBIORE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61435/ijred.2026.62204

Biodiesel production from waste cooking oil (WCO) offers environmental and economic advantages but is constrained by degraded feedstock quality and unstable fuel properties. This study evaluates an integrated upgrading strategy combining reaction pathway selection, adsorption-based purification, and feedstock blending to produce fuel-grade biodiesel. WCO was pretreated by moisture removal and acid esterification using H₂SO₄ to reduce free fatty acids. Transesterification was conducted in a temperature-controlled batch reactor at 60 °C using 6:1–12:1 methanol-to-oil mass ratios, 1.0–2.0 wt% KOH catalyst loadings, and 60–120 minute reaction times. The maximum FAME content achieved was 93.94 wt% at 6:1 methanol ratio, 1.5 wt% KOH, and 90 min reaction time. Post-reaction upgrading was performed via batch adsorption using activated carbon (0.5–2 wt%, 60 °C) and silica gel (3 wt%, 112 °C). Adsorption improved FAME content to 94–95 wt% (maximum 95.3 wt% with silica gel) and reduced acid value and carbon residue. However, oxidation stability decreased slightly after adsorption (from 4.20 to 4.05 h), indicating partial removal of natural antioxidants. GC–MS analysis confirmed the dominance of methyl esters and the reduction of minor impurity-related peaks after purification. To comply with multi-parameter fuel requirements, WCO was blended with palm olein prior to conversion at ratios of 100:0 to 10:90 (w/w). Full EN 14214 compliance (FAME ≥ 96.5 wt%) was achieved at ≥50% palm olein, with oxidation stability of 10.2 h at a 10:90 ratio. These findings demonstrate that adsorption enhances compositional purity, whereas feedstock blending is decisive for restoring oxidative stability and achieving robust, fuel-grade biodiesel.

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