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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Ilmiah Akuntansi Kesatuan Asian Journal of Social and Humanities
Hermanto Siregar
Institut Pertanian Bogor, Indonesia
Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Energy Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Other

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Sri Kehati Stock Index Portfolio Optimization Deby Indah Mayriska; Hermanto Siregar; Nimmi Zulbainarni
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 12 No 1 (2024): Januari
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v12i1.5131

Abstract

The purpose of this research is to analyze the composition of stocks to form the optimal portfolio of 25 issuers included in the SRI KEHATI Index for the period 2017 – 2021. The method used to form the portfolio is the Single Index Model (SIM) and the Capital Asset Pricing Model (CAPM), to measure stock performance using the Sharpe, Treynor and Jensen indices and equipped with a Monte Carlo simulation to measure the level of risk (Value at Risk). This research is a descriptive and quantitative research using secondary data. The calculation results show the composition of the portfolio and the proportion of funds: (1) SIM method, there are 5 stocks namely: BBCA (69%), BBRI (13%), EXCL (8%), JPFA (5%) , TINS ( 4%) with portfolio return of 1.49%, Sharpe index 0.16525, Treynor 0.00994, Jensen 0.0178 and the highest VaR value is found at the 99% confidence level in TINS stock , which is -44.3%. (2) CAPM method, there are 8 stocks namely: BBCA (23.59%), BBRI (16.27%), BMRI (16.19%), EXCL (13.95%), BBNI (11.50%), JPFA (7.08%), TINS ( 6.77 %), UNTR (5.56%) with a portfolio return of 0.47%, Sharpe index 0.02298, Treynor 0.00065, Jensen 0.00180 and the highest VaR value is found at a 99% confidence level in TINSstocks , which is - 45.1%.
Strategy for Optimizing Oil Palm Plantation Productivity Through Barangan Banana Intercropping During Replanting Period (Case Study: PT Agricinal) Daniel Martahi Bonar Manurung; Hermanto Siregar; Hendro Sasongko
Asian Journal of Social and Humanities Vol. 4 No. 4 (2026): Asian Journal of Social and Humanities
Publisher : Pelopor Publikasi Akademika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59888/ajosh.v4i4.669

Abstract

The declining productivity of oil palm plantations exceeding the optimal productive age (>25 years) poses significant financial challenges for plantation companies. PT Agricinal experienced a drastic decrease in Fresh Fruit Bunch (FFB) productivity from 6.41 tons/ha/year in 2020 to 3.92 tons/ha/year in 2022—far below the ideal standard of 25–30 tons/ha/year. This condition triggered a replanting decision in 2022 but created a 3–4-year non-productive period (Tanaman Belum Menghasilkan/TBM) without operational revenue. This research aims to analyze the financial feasibility of Barangan banana intercropping on 1,000 ha of replanting land as a revenue optimization solution. The research methodology employs a mixed-methods approach that combines quantitative business feasibility analysis—using Net Present Value (NPV), Internal Rate of Return (IRR), Net Benefit-Cost Ratio (Net B/C), Payback Period (PP), sensitivity analysis, and SWOT analysis indicators—with qualitative insights. Research findings demonstrate that Barangan banana intercropping provides significant improvements in financial feasibility: NPV increased 66.8%, from IDR 58.63 billion to IDR 97.79 billion; IRR increased from 25% to 45%; Net B/C increased from 1.65 to 1.77; and Payback Period shortened from 6 years to 4 years. Sensitivity analysis proves the project's resilience to fluctuations in CPO prices, operational costs, and FFB productivity. The intercropping strategy effectively fills cash flow gaps during the TBM period, enhances land use efficiency, and strengthens plantation business competitiveness. This research concludes that implementing Barangan banana intercropping on oil palm replanting land is feasible and strategic for large-scale application as a sustainable agribusiness model.
Analysis of LQ45 and ESG Stock Return Volatility on the Indonesia Stock Exchange Umi Indah Hapsari; Hermanto Siregar; Tanti Novianti; Nimmi Zulbainarni
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 4 (2025): JIAKES Edisi Agustus 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i4.3533

Abstract

The Covid-19 pandemic created significant turmoil in global financial markets, including the Indonesia Stock Exchange, where liquidity and stability were severely disrupted by widespread panic and economic uncertainty. Investors faced heightened risks as stock prices fluctuated sharply in response to rapidly changing market conditions. This study examines the impact of the Covid-19 pandemic on stock volatility and performance by comparing conventional liquid stocks from the LQ45 index with sustainable stocks from the ESG (Environmental, Social, and Governance) indices. Using daily closing prices from January 1, 2016, to December 31, 2023, the analysis employs the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model to capture volatility patterns. The findings reveal that LQ45 stocks consistently exhibit higher volatility than ESG stocks, yet deliver superior returns across all periods. Conversely, ESG stocks show greater resilience during the pandemic, maintaining relatively stable performance despite lower returns compared to LQ45. These results underscore the value of incorporating sustainable investment strategies, particularly when combined with liquidity considerations, as a means to balance risk and return while enhancing portfolio stability during periods of market uncertainty.
Co-Authors Daniel Martahi Bonar Manurung Deby Indah Mayriska Hendro Sasongko Nimmi Zulbainarni Tanti Novianti Umi Indah Hapsari