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All Journal Jurnal Mirai Management Jurnal Akuntansi dan Ekonomika SENTRALISASI Journal Of Management Science (JMAS) Dinasti International Journal of Management Science Dinasti International Journal of Education Management and Social Science Jurnal Ilmu Sosial, Manajemen, Akuntansi dan Bisnis International Journal of Business, Management and Economics Jurnal Nasional Manajemen Pemasaran dan SDM INTERNATIONAL JOURNAL OF CULTURAL AND SOCIAL SCIENCE JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi) Journal of General Education and Humanities Jurnal Economica: Media Komunikasi ISEI Riau Journal of Public Representative and Society Provision Journal of Artificial Intelligence and Digital Business Eduvest - Journal of Universal Studies Greenation International Journal of Tourism and Management Inaba Journal Of Psychology
Ismail, Gurawan Dayona
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Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Neuroscience Social Sciences Other

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Comparative Analysis of Active and Passive Portfolios with the Single Index Model and Capital Asset Pricing Model in Indonesia: Policy Directions in the Capital Market Sudarmadji, Harrys; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Ismail, Gurawan Dayona; Sumawidjaja, Riyandi Nur
Journal of Public Representative and Society Provision Vol. 5 No. 3 (2025): Journal of Public Representative and Society Provision
Publisher : Pusat Studi Pembangunan dan Pemberdayaan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55885/jprsp.v5i3.727

Abstract

This research conducts a comparative analysis between active and passive investment portfolios using two fundamental models in finance: the Single Index Model (SIM) and the Capital Asset Pricing Model (CAPM). The study focuses on stocks traded on the Indonesia Stock Exchange (IDX) that were not consistently included in the prestigious LQ45 Index during the period from January 2015 to June 2025. Using a rigorous quantitative method, the research compares portfolio performance, return, and risk under different strategies. The results conclusively indicate that portfolios designed with the Single Index Model consistently outperform those based on CAPM, and that active strategies deliver superior performance compared to passive ones. Beyond financial performance, the findings also carry significant policy implications. The consistent superiority of SIM suggests that regulators and market authorities should integrate simplified yet effective portfolio models into investor education initiatives. Similarly, the outperformance of active strategies highlights the importance of strengthening corporate disclosure standards and ensuring fair access to timely information, so that both institutional and retail investors can benefit equitably. By linking quantitative evidence with governance concerns, this study provides valuable insights for investors while offering policy directions to enhance transparency, inclusivity, and investor protection in Indonesia’s capital market.
The Influence of Transaction Channel Preference and Cash Handling Behavior on the Achievement of Cash Donations in the ‘Charity Box Personal’ Program (A Research at the Humanitarian Organization Kilau Indonesia) Sugandi, Akhmad; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Ali , Mochammad Mukti; Ismail, Gurawan Dayona
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.52150

Abstract

The rapid digitization of financial transactions in Indonesia has fundamentally altered consumer payment behaviors, creating significant challenges for traditional cash-based charitable fundraising methods. This research investigates how donors’ Transaction Channel Preference and Cash Handling Behavior shape Cash Donation Achievement in Kilau Indonesia’s “Charity Box Personal” program. Using a cross-sectional survey of N=200N=200 donors sampled via stratified random procedures across four West Java regencies, Likert-type measures for both predictors were converted to interval scales with the Method of Successive Intervals (MSI). Multiple linear regression with SPSS 27 indicates a significant model fit (R=0.817R=0.817; R2=0.667R2=0.667; F(2,197)=197.233F(2,197)=197.233, p<.001p<.001). Transaction Channel Preference negatively predicts cash donations (β=−0.614β=−0.614, p<.001p<.001), consistent with a channel-substitution mechanism as donors favor digital payments. Contrary to expectation, Cash Handling Behavior also shows a negative association (β=−0.538β=−0.538, p<.001p<.001), suggesting that stricter cash budgeting reduces ad-hoc giving opportunities. Diagnostics (Durbin–Watson ≈ 1.94; no notable multicollinearity) support model validity. Managerially, nonprofits should adopt an omnichannel strategy by integrating QRIS into physical boxes and reporting combined (cash + digital) metrics. Theoretically, findings connect UTAUT, Perceived Value, and the Theory of Planned Behavior to explain declining cash-based philanthropy in a rapidly digitizing context.
Pengaruh Kepuasan, Motivasi, dan Disiplin Kerja Terhadap Kinerja Karyawan di PT Papyrus Sakti Paper Mill Divisi PM 2 di Kabupaten Bandung Wais Alqorni, Muhammad Zaki; Ismail, Gurawan Dayona; Rahmi, Palupi Permata; Mubarok, Dadan Abdul Aziz; Helinawati, Erna; Ali, Mochammad Mukti
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 4 No. 2 (2025): Mei - Juli
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v4i2.1792

Abstract

Riset yang saya lakukan berupaya mengevaluasi dampak kepuasan , motivasi, serta disiplin kerja kepada kinerja karyawan di Perusahaan ini. Pendekatan kuantitatif digunakan dengan metode deskriptif serta verifikatif. Responden penelitian berjumlah 33 orang yang dipilih secara total sampling. Pengumpulan evidensi dilakukan melalui kuesioner serta dokumentasi. Evidensi di analisis menggunakani Investigasi validitas, reliabilitas, regresi liniear berganda, Investigasi t, Investigasi F, serta koefisien determinasi. Perolehan riset menyiratkan ternyata kepuasan, motivasi, serta disiplin kerja berimbas selaku simultan serta parsial kepada kinerja karyawan. Penemuan ini mengisyaratkan kalau peningkatan kepuasan, motivasi, melalui disiplin kerja yang baik dapat mengoptimalkan inventisitas serta efektivitas performa karyawan.
Analysis Of Cash Ratio (CR), Debt To Equity Ratio (DER), And Return On Equity (ROE) On Ecomonic Value Added (EVA) In Digital Banks Anindya, Sevina Hanisa; Sudaryo, Yoyo; Sipahutar, Dayan Hakim Natigor; Sofiati, Nunung Ayu; Ismail, Gurawan Dayona
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1769

Abstract

This study evaluates the performance of digital banks in Indonesia during 2020-2023 as a real form of digitalization, focusing on the effect of Cash Ratio, Debt to Equity Ratio, and Return on Equity on Economic Value Added (EVA) in digital banks. The research method used is quantitative method with descriptive and verification approaches. The data source used is secondary data with purposive sampling and the companies selected from the criteria are 7 digital bank companies for 4 periods, so that the sample used in this study is 28 samples. The data used in this study are secondary data in the form of annual reports going public on the bank company website. The analysis technique used in this research is regression with panel data using the Eviews program. The results of this study indicate that the significance value of the cash ratio t test T count -0.910149 < T table 2.05553, and a sig value of 0.3718> 0.05 means that the Cash Ratio has no effect on Economic Value Added in 7 digital bank companies. The significance value of the Debt to Equity Ratio T test shows the value of T count -2.272184> T table 2.05553, and the sig value of 0.0323 <0.05. The significance value of the Return on Equity T test shows the value of T count -0.608342 < T table 2.05553, and the sig value of 0.35487> from 0.05 means that Return on Equity has no effect on Economic Value Added in 7 digital bank companies in Indonesia.
The Influence Of Training, Competence, And Leadership On Lecturer Career Development Through Work Motivation As An Intervening Variable Jordan, Reza; Ismail, Gurawan Dayona; Sofiati, Nunung Ayu; Ali, Mochammad Mukti; Sudaryo , Yoyo
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51613

Abstract

The results of the study indicate that training has an effect on work motivation. The original sample value for variable X1 (training) on Y (work motivation) is 1.14, with a t-statistic of 13.524 and p-values of 0.000, which is smaller than the significance level, indicating a positive and significant influence between variable X1 (training) and Y (work motivation). The original sample value implies that better and higher training leads to better and higher work motivation. Furthermore, competence influences work motivation. The original sample value for variable X2 (competence) on Y (work motivation) is -0.177, with a t-statistic of 2.593 and p-values of 0.01, which is smaller than the significance level, indicating a non-positive but significant influence of variable X2 (competence) on Y (work motivation). Leadership influences work motivation. The original sample value for variable X3 (leadership) on Y (work motivation) is 0.03, with a t-statistic of 0.771 and p-values of 0.441, which is smaller than the significance level, indicating a positive and significant influence of variable X3 (leadership) on Y (work motivation). The original sample value implies that better and higher leadership leads to better and higher work motivation. Subsequently, work motivation influences career development. The original sample value for variable Y (work motivation) on Z (career development) is 0.348, with a t-statistic of 1.645 and p-values of 0.1, which is smaller than the significance level, indicating a positive and significant influence of variable Y (work motivation) on Z (career development).
The Effect Of Training, Competence, And Leadership On Job Satisfaction With Career Development As An Intervening Variable At Xyz Hospital Fajar, Kartika Bunga; Ismail, Gurawan Dayona; Sofiati, Nunung Ayu; Ali, Mochammad Mukti; Sudaryo , Yoyo
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51804

Abstract

This study aims to examine the influence of training, competence, and leadership on career development, with job satisfaction acting as a mediating variable. The research uses a quantitative approach with a sample of 100 employees, analyzed using multiple linear regression and path analysis. Data were collected through a structured questionnaire, and the classical assumption tests confirmed that the regression model met the requirements of normality, no multicollinearity, and no heteroscedasticity. The results show that training, competence, and leadership have a positive and significant direct effect on both job satisfaction and career development. In addition, job satisfaction also has a significant direct impact on career development, making it a strong mediating variable. The coefficient of determination (R² = 0.648) indicates that 64.8% of the variation in career development is explained by the variables of training, competence, leadership, and job satisfaction. The Sobel test results further confirm that job satisfaction mediates the relationship between the independent variables and career development. These findings suggest that organizations should focus on improving employee training, enhancing competencies, and strengthening leadership practices, as well as maintaining high job satisfaction, to effectively support employees’ career advancement.
The Effect of Work From Home, Digital Platform and Digital Literacy on Employee Productivity at PT. XYZ Cirebon Regency Nurwidyani, Sabrina Eka; Jaya, Rama Chandra; Utami, Widyastuti Nurmalia; Mubarok, Dadan Abdul Aziz; Ismail, Gurawan Dayona
Dinasti International Journal of Management Science Vol. 5 No. 3 (2024): Dinasti International Journal of Management Science (January-February 2024)
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31933/dijms.v5i3.2156

Abstract

This study aims to test and analyze the effect of work from home, digital platforms and digital literacy on work productivity at PT XYZ Cirebon Regency partially or simultaneously. This research is a quantitative study with a population of 35 employees and uses non-probability sampling techniques, so that the sample size uses the entire population. The data sources used are primary data and secondary data processed with the help of SPSS 26.0 for windows. The data analysis technique used is multiple linear regression. Based on the partial test results, work from home and digital platforms have a positive and significant effect, while digital literacy has a positive but insignificant effect on the work productivity of employees of PT XYZ Cirebon Regency. In simultaneous testing work from home, digital platform and digital literacy together have a positive and significant effect on the work productivity of employees of PT. XYZ Cirebon Regency. The coefficient of determination shows that work from home, digital platform and digital literacy are able to explain the contribution of work from home, digital platform and digital literacy to the work productivity of employees of PT. XYZ Cirebon Regency, which is 98.1%, while the remaining 1.9% is influenced by other variables outside this regression equation or variables not examined.
The influence of leadership, workload, and work dicipline on employee performance at XYZ Broadcast Institution Wahidah, Siti Ulfa Nur; Siddiq, Andhika Mochammad; Ismail, Gurawan Dayona; Saputro, Arie Hendra
Junal Ilmu Manajemen Vol 7 No 1 (2024): January: Management Science and Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/jmas.v7i1.452

Abstract

The purpose of this study is to examine the impact of leadership, workload, and work discipline on employee performance at XYZ Broadcasting Institution. The samples in this study were employees, with a total sample size of 120. This study employs quantitative methodologies, including probability sampling procedures (saturated samples) and data processing tools based on the SPSS version 25.0 program. According to the findings of research conducted at the XYZ Broadcasting Institute, Leadership has a significant positive effect on employee performance, Workload has a significant positive effect on employee performance, and Work Discipline has a significant positive effect on employee performance. The findings of this study highlight the significance of these variables in managing employee performance.
The influence of leadership, job satisfaction, and work motivation on employee loyalty at PT. XYZ Septiana, Candra; Mochamad Siddiq, Andhika; Ismail, Gurawan Dayona; Saputro, Arie Hendra
Junal Ilmu Manajemen Vol 7 No 1 (2024): January: Management Science and Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/jmas.v7i1.453

Abstract

Human resource management encompasses the personnel of the organization. Leadership, job happiness, and work motivation factors the company offers to its employees are crucial aspects of human resource management. These characteristics contribute to fostering employee loyalty and are critical for the organization's success. Highly loyal employees demonstrate excitement and responsibility in carrying out their duties and consistently work towards accomplishing the company's objectives. This study aims to ascertain the impact of Leadership, Job Satisfaction, and Work Motivation on Employee Loyalty at PT. XYZ. The research methodology is quantitative with a descriptive and confirmatory orientation. The sample used in this study consists of 120 respondents. The research employs multiple linear regression analysis as the chosen analytical strategy. This approach tries to uncover each independent variable's individual and combined effects on the dependent variable. The research findings classify Employee Loyalty at PT. XYZ as "Fair" categorizes the leadership at PT. XYZ, as "Fair," labels the level of job satisfaction at PT. XYZ as "Fair" and classify the work motivation at PT. XYZ as "Fair." Leadership partially influences Employee Loyalty favorably, while job satisfaction positively impacts employee loyalty. Job satisfaction has a beneficial impact on employee loyalty. Work motivation has a partially favorable impact on employee loyalty—leadership, job satisfaction, and work motivation at PT. XYZ is rated as "Fair" regarding its impact on employee loyalty.
Analyzing Investor Reaction to PT Chandra Daya Investasi’s Initial Public Offering through Abnormal Returns and Trading Volume Patterns in the Prajogo Pangestu Group Amanati, Nuzul; Sudaryo, Yoyo; Sofiati, Nunung Ayu; Ismail, Gurawan Dayona
SENTRALISASI Vol. 15 No. 1 (2026): January
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i1.5069

Abstract

This research investigates how the stock market responds to the Initial Public Offering of PT Chandra Daya Investasi Tbk (CDIA) and examines its influence on abnormal returns and trading volume activities of companies within the Prajogo Pangestu Group. The study applies an event-study approach to four affiliated issuers, namely BRPT, BREN, TPIA, and CUAN, using an 11-day event window around the IPO and a 60-day estimation period for return modeling. The analysis assesses whether CDIA’s listing generated meaningful price or trading-volume reactions within the group. The findings show that the IPO did not lead to significant abnormal returns or notable changes in trading activity for the affiliated stocks. Only a minor anticipatory response appeared on T–4, while neither the event day nor the days following it exhibited a meaningful market reaction. Overall, the results suggest that the CDIA IPO was treated as a firm-specific event with limited information spillover to other companies in the group.
Co-Authors Admaja, Firma Agustin Dwi Alfarisi, Ade Salman Ali , Mochammad Mukti Amanati, Nuzul Andini, Fitriyani Andre Suryaningprang Anggono Raras Tirto Sakti Anggraeni, Yulia Dyah Anindya, Sevina Hanisa Arie Hendra Saputro Arifin, Aidil Aris Setiyani, Aris Asti Nur Aryanti Bilady, Royhan Dadan Abdul Aziz Mubarok Dadan Abdul Aziz Mubarok Dayan Hakim Natigor Duana, Refiza Gita Erna Herlinawati Fadhilah, Alfi Fauzi Fajar, Kartika Bunga Fanji Wijaya Fauzy, Ryan Marshal Gustiawan, Rudi Hamdani, Deni Helinawati, Erna Hendriawanto, Hendriawanto Herlina, Heni Hisashi, Rendy Mahardhika Indah Susanti Jaya, Rama Chandra Jordan, Reza Luntungan, Irving Ignatius Paul Muhamad Maulana, Muhamad Mukti Ali, Mochammad Mustika, Sheli Muttaqin, Ridlwan Nazarudin Nenobais, Manoakh Novianty, Shevia Nunung Ayu Sofiati (Efi) Nurwidyani, Sabrina Eka Palupi Permata Rahmi Putri, Rizka Ardlia Rahman, Ardiyatur Rahmawati, Lira Rahmawati, Reni Reviana, Raisa Riyandi Nur Sumawidjaja Safitri, Meilina Septiana, Candra Setiawan, Naufal Alip Putra Siddiq, Andhika Mochamad Siddiq, Andhika Mochammad Sofianti (Efi), Nunung Ayu Sofianti, Nunung Ayu Sudarmadji, Harrys Sudaryo , Yoyo Sudrajat, Rendi Sugandi, Akhmad Sumawidjaya, Riyadi Nur Sumawidjaya, Riyandi Nur Triestanto, Johannes Wahidah, Siti Ulfa Nur Wais Alqorni, Muhammad Zaki Widharsana, Stevanus Dwi Citra Widyastuti Nurmalia Utami Yoyo Sudaryo Yuningsih, Salsa Billa Putri Yusup Maulana