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All Journal Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan Owner : Riset dan Jurnal Akuntansi Jurnal Akademi Akuntansi (JAA) International Journal of Educational Review, Law And Social Sciences (IJERLAS) International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) Proceeding ISETH (International Summit on Science, Technology, and Humanity) Proceedings of The International Conference on Business and Economics IIJSE Journal of Business Management Mandalika Journal of Business and Management Studies Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Nisrul Irawati
Postgraduate School Department Of Management, Universitas Sumatera Utara
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Medicine & Pharmacology Social Sciences Other

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THE EFFECT OF THE FEDERAL RESERVE INTEREST RATE, UNITED STATES MONEY SUPPLY, GLOBAL GOLD PRICES, AND THE U.S. DOLLAR INDEX ON BITCOIN PRICES FOR THE PERIOD 2017–2026 Nisrul Irawati
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 7 (2026): JUNE
Publisher : RADJA PUBLIKA

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Abstract

This study aims to examine the effect of the Federal Reserve interest rate, United States money supply, global gold prices, and U.S. dollar indeks on Bitcoin prices for the period 2017–2026. This study employs an associative research design with a quantitative approach. The data used are secondary data obtained from Federal Reserve Economic Data (FRED) and investing.com. The observation period in this study covers December 2017 to March 2026. The analysis technique used is the Autoregressive Distributed Lag (ARDL) model to analyze both short-run and long-run relationships. The results show that in the short run, the Federal Reserve interest rate and global gold prices have a negative and significant effect on Bitcoin Price. But in the long run, the Federal Reserve interest rate and United States money supply have a positive and significant effect on Bitcoin price. Conversely, the global gold prices have a negative but insignificant effect, while the U.S. dollar index has a negative and significant effect on the Bitcoin price.
The Effect Of Stock Price Volatility, Stock Trading Volume And Market Capitalization On Stock Returns With The Moderation Of The Company's Reputation In Banking Sector Companies That Listed On The Indonesia Stock Exchange Qori Fadla Ajmilia; Nisrul Irawati; Syahyunan
Journal of Business Management Vol. 3 No. 3 (2026): April
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/jobm.v3i3.179

Abstract

This study aims to analyze the influence of stock price volatility, trading volume, and market capitalization on stock returns in banking companies listed on the Indonesia Stock Exchange during the 2019–2023 period. In addition, this study also examines the role of company reputation as a moderation variable. The research sample was determined using the purposive sampling technique, so that 22 companies were obtained as a research sample. The analysis method used in this study is Moderate Regression Analysis (MRA). The results of the study show that stock price volatility has a positive and significant effect on stock returns, stock trading volume has a negative but insignificant effect on stock returns. In addition, market capitalization has a negative but not significant effect on stock returns. Other results show that the company's reputation moderates the effect of stock price volatility on stock returns negatively and significantly, then the company's reputation does not moderate the effect of stock trading volume on stock returns positively and significantly, and the company's reputation also does not moderate the effect of market capitalization on returns stocks negatively and significantly. These findings imply that the management of stock price volatility and the development of a company's reputation need to be considered strategically in order to increase stock returns, while trading volume and market capitalization require a more comprehensive analytical approach in investment decision-making in banking companies
Financial Stability Index: A Systematic Literature Review Nisrul Irawati; Isfenti Sadalia; Wina Nurfitriani; Ahmad Azmi; Nindy Erisma
Proceeding ISETH (International Summit on Science, Technology, and Humanity) 2025: Proceeding ISETH (International Summit on Science, Technology, and Humanity)
Publisher : Universitas Muhammadiyah Surakarta

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Abstract

Measuring financial stability became a top priority after the 2008 global crisis, prompting the development of the Financial Stability Index (FSI) as a comprehensive monitoring tool. However, information on the effectiveness of various FSI methodologies is still limited. This systematic review is designed to analyze the components, methodology, and effectiveness of FSI in predicting financial crises. The method used is PRISMA. Articles were obtained from 4 databases, namely: Scopus, Web of Science, ScienceDirect, and Google Scholar. Articles were collected from 2000 to 2025 and 187 articles met the inclusion and exclusion criteria. The results of this study show that (1) there are three main categories of FSI indicators used, namely: CAMELS framework (75.9%), macro-financial ratios (49.7%), and stress-testing variables (35.8%); (2) there were six dominant methodological patterns: panel regression (40.6%), Principal Component Analysis/PCA (47.6%), fuzzy logic (18.2%), machine learning (23.0%), equal weighting (27.8%), and Analytic Hierarchy Process/AHP (16.6%); (3) FSI's predictive ability shows mixed results with Area Under ROC Curve (AUC) ranging from 0.65-0.89 (median 0.76); (4) the main challenges include aggregation issues, weighting controversies, structural heterogeneity between countries, and data quality disparities; Meanwhile, future research recommendations focus on the integration of high-frequency data, hybrid models, non-conventional indicators, and robustness testing. Collaboration between regulators, academics, and practitioners is essential to improve the effectiveness of FSIs.
COMPARISON ANALYSIS OF INDEX IDX30 OPTIMAL SHARE PORTFOLIO WITH INDONESIAN EQUITY FUND PORTFOLIO PERFORMANCE Yoko Mashonia Panjaitan; Nisrul Irawati; Isfenti Sadalia
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 1 (2023): July
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v1i5.69

Abstract

Based on the results of the study, the conclusions that can be drawn are as follows. The optimal portfolio calculation results on the Single Index Model method for stocks show that stocks with UNVR issuers are the only ones that are optimal. Whereas in Mutual Funds there is no optimal portfolio calculation results. The results of calculations using the Markowitz method for all stock issuers obtained a return value of 0.000634 with a risk of 0.036057, namely at alpha 0.9. Meanwhile, for all stock mutual fund issuers, a return value of 0.003195 was obtained with a risk of 0.033629, namely at alpha 0.9. Compared to calculations using the Single Index Model Method for all stocks, a return value of 0.0050 is obtained with a risk of 0.0218, while for Equity Mutual Fund issuers a return value of 0.0072 is obtained with a risk of 0.0194, in this case the calculation of the optimal portfolio in stocks and mutual funds using the Markowitz Method produces a smaller return and greater risk than the Single Index Model method. The Single Index Model method which produces stock return calculations is superior to the Markowitz method. This is obtained from the results of the return value obtained on the Single Index Model which is greater than the Markowitz model so that stock investment will be more profitable if using the Single Index Model method. The Single Index Model method is superior to the Markowitz method in calculating mutual fund returns. This is obtained from the results of the return value obtained in the Single Index Model which is greater than the Markowitz model so that mutual fund investment will be more profitable if using the Single Index Model method. The Single Index Model method is superior to the Markowitz method in calculating stock risk. This is obtained from the results of the stock risk value obtained in the Single Index Model which is smaller than the Markowitz model so that stock investment will be riskier if using the Markowitz method. The Single Index Model method is superior to the Markowitz method in calculating mutual fund risk. This is obtained from the results of the mutual fund risk values obtained in the Single Index Model which are smaller than the Markowitz model so that mutual fund investments will be riskier if using the Markowitz method.
FINANCIAL RATIO ANALYSIS IN PREDICTING FINANCIAL DISTRESS CONDITIONS BUMN COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE DURING THE COVID-19 PANDEMIC WITH USING THE ALTMAN Z-SCORE METHOD Aslam Rayuda; Nisrul Irawati; Isfenti Sadalia
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 2 (2023): October
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i2.110

Abstract

The research is that having sufficient working capital is very important for a company because with sufficient working capital it is possible for the company to operate as economically as possible and the company does not experience difficulties or face dangers that may arise due to a crisis or financial chaos. Companies with negative net working capital have a high probability of facing difficulties in paying off their short-term liabilities, because there are not enough current assets to cover these liabilities. A cumulative profitability measure that reflects a company's age as well as the company's earnings power. Profitable operations and debt reduction are characterized by companies retaining profits or reinvesting operating profits. Low retained earnings can indicate a bad business year or reduced company life. This ratio is an indicator that shows management efficiency in managing production, sales, administration and other activities. The lower the EBITTA ratio value indicates the lower productivity of assets in generating profits. The EBIT to total assets ratio shows the effectiveness of using all assets in generating company sales. The greater the value of this ratio, the more effective the management of all assets owned by the company. Earnings Before Interest and Tax to Total Assets (EBITTA) is one of the profitability ratios. This analysis is used to measure a company's ability to manage its resources effectively which can be seen from the results of its sales and investments. The EBITTA ratio measures whether a company's assets are used rationally to generate profits from its operating activities. If the resulting ratio is high, then the company's assets have been used rationally so that it can reduce the occurrence of Financial Distress. On the other hand, a low EBITTA ratio indicates that the company is likely to experience financial distress. The implication of this research is that this ratio is used to measure management's ability to use assets to generate sales and describe the turnover rate of all company assets. This ratio, which has a positive value, is a sign that the company has a good ability to use assets to generate sales and has a high level of asset turnover.
ANALYSIS OF THE INFLUENCE OF CAMELS FACTORS ON PROFITABILITY AT PT. BANK MANDIRI (PERSERO) TBK Mayang Palupi; Nisrul Irawati; Chairul Muluk
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 2 No. 2 (2023): October
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v2i2.116

Abstract

This research aims to determine the effect of the CAMELS ratio on the financial profitability of PT. Bank Mandiri (Persero) Tbk. This research uses CAMELS ratios, namely Capital Adequacy Ratio (CAR), Non Performing Loans (NPL), Interest Expenses to Total Loans (IETTL), Net Interest Margin (NIM), Operational Costs to Operating Income (BOPO), Loan to Deposit Ratio ( LDR) and Net Open Position (PDN) on financial profitability as measured using Return On Assets (ROA) and Return On Equity (ROE). The research sample was selected using purposive sampling. The statistical test tool is SPSS 26 which is carried out using the classic assumption test and multiple linear regression analysis. The research results show that Capital Adequacy Ratio (CAR), Interest Expense to Total Loan (IETTL), Net Interest Margin (NIM), Loan to Deposit Ratio (LDR) have a positive effect on Return on Assets (ROA). Non-Performing Loans (NPL), Operational Costs to Operating Income (BOPO), Net Open Position (PDN) have a significant and negative effect on Return on Assets (ROA). Meanwhile, Interest Expense on Total Loans (IETTL), Net Interest Margin (NIM) have a positive effect on Return on Assets (ROA). Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), Operational Costs to Operating Income (BOPO), Loan to Deposit Ratio (LDR) and Net Open Position (PDN) have a negative effect on Return on Assets (ROE).
THE INFLUENCE OF RISK PERCEPTION, FINANCIAL LITERACY, AND BEHAVIORAL MOTIVATION ON INVESTMENT DECISIONS OF INVESTORS AT PT. MIRAE ASSET SECURITIES INDONESIA GALLERY MEDAN Januar Samuelson Gea; Syahyunan; Nisrul Irawati
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 3 No. 2 (2024): October
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v3i2.196

Abstract

This research aims to analyze the influence of risk perception, financial literacy, and behavioral motivation on investment decisions among investors at PT Mirae Asset Sekuritas Indonesia Galeri Medan. The research method employed is a causal associative study using a quantitative approach. The study population consists of 518 investors who have invested with PT Mirae Asset Sekuritas Indonesia Galeri Medan. The sampling technique used is nonprobability sampling via simple random sampling, resulting in 84 respondents as the research sample. Data collection was carried out by distributing questionnaires to the participants. The research findings indicate that simultaneously, the variables of risk perception, financial literacy, and behavioral motivation significantly influence investment decisions at PT Mirae Asset Sekuritas Indonesia Galeri Medan. Partially, risk perception has a non-significant negative effect on investment decisions at PT Mirae Asset Sekuritas Indonesia Galeri Medan, financial literacy has a significant positive influence on investment decisions at PT Mirae Asset Sekuritas Indonesia Galeri Medan, and behavioral motivation has a non-significant positive effect on investment decisions at PT Mirae Asset Sekuritas Indonesia Galeri Medan.
THE EFFECT OF CAPITAL STRUCTURE AND MANAGERIAL OWNERSHIP ON COMPANY VALUE THROUGH FINANCIAL PERFORMANCE IN THE FOOD & BEVERAGE SUB-SECTOR ON THE INDONESIA STOCK EXCHANGE Muhammad Arif; Nisrul Irawati; Syahyunan
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 3 (2026): January
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/jaruda.v4i3.288

Abstract

Abstract The food and beverage industry is a strategic sector that plays an important role in the national economy and attracts considerable attention from investors in the capital market. Firm value reflects market perceptions of a company’s performance and prospects, which are influenced by capital structure, managerial ownership, and financial performance. This study aims to analyze the effect of capital structure and managerial ownership on firm value, the effect of financial performance on firm value, as well as the role of financial performance as an intervening variable in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a quantitative approach using secondary data from 13 companies with a total of 65 observations, analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method. The results show that capital structure has a positive and significant effect on firm value, managerial ownership has a positive and significant effect on firm value, and financial performance has a positive and significant effect on firm value. In addition, capital structure and managerial ownership are found to have a negative and significant effect on financial performance. Furthermore, financial performance is able to mediate the effect of capital structure on firm value as well as the effect of managerial ownership on firm value. These findings indicate that financing decisions and managerial ownership mechanisms not only have a direct impact on firm value but also operate through financial performance as a channel of influence. Therefore, optimal capital structure management and enhanced effectiveness of managerial ownership are important factors in improving firm value in a sustainable manner.
Co-Authors Ahmad Azmi annisa maulida harahap Aslam Rayuda Chairul Muluk Chairul Muluk Chairul Muluk Endang Sulistya Rini Irada Sinta Isfenti Sadalia Isfenti Sadalia Isfenti Sadalia Isfenti Sadalia Januar Samuelson Gea Jonathan Pahothon Sianturi Juliyanti Sitompul Khaira Amalia Fachrudin Klaudia Stephanie Ginting Maretta Yuraska Sinulingga Mayang Palupi Muhammad Arif Mutiah Nasution Nindy Erisma Novian Paisal Sitompul Novita Indah Ruth Lestari Pasaribu Qori Fadla Ajmilia Rahmad Zulhiansyah Simatupang Rico Nur Ilham Syahyunan Wina Nurfitriani Yoko Mashonia Panjaitan