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All Journal Greenation International Journal of Economics and Accounting Siber Nusantara of Economic and Finance Review (SNEFR)
David Pangaribuan
Universitas Bhayangkara Jakarta Raya, Jakarta, Indonesia
Economics, Econometrics & Finance

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Comparative Analysis of Optimal Stock Portfolio Results using The Markowitz Method and a Single Index (Study on LQ 45 Company Shares Listed on the Indonesia Stock Exchange Period January – December 2024) Matdio Siahaan; Jhonni Sinaga; David Pangaribuan
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.902

Abstract

In the era of digital technology advancement, Indonesia has become an alternative investment destination in the capital market, attracting global attention. Investing in the capital market offers high returns and significant risks. Therefore, investors need strategic skills to mitigate risk. Risk reduction can be achieved through asset diversification, also known as portfolio formation. This study aims to develop an optimal portfolio using the Markowitz Single Index method and to determine the optimal investment proportion for the LQ45 Index. The sample used was the LQ45 index members from January 2024 to December 2024. This method is a comparative study with daily data, using calculations of realized return, variance, covariance, and cut-off rate for a single index. The analysis using the Markowitz method resulted in seven stocks as optimal portfolio recommendations, the stock composition is different between the two methods with a return of 0.15% and a risk of 1.25%. The analysis using the Single Index method resulted in seven stocks as optimal portfolio recommendations, with a return of 0.037% and a risk of 0.07%.
Pengaruh Struktur Modal, Arus Kas Operasi, dan Optimisme Manajer terhadap Keputusan Investasi Pada Perusahaan Teknologi Yang Terdaftar di BEI 2021-2024 Witha Anggani Saraswati; David Pangaribuan; Idel Eprianto
Siber Nusantara of Economic and Finance Review Vol. 2 No. 2 (2026): Siber Nusantara of Economic and Finance Review (April - September 2026)
Publisher : Siber Nusantara Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/snefr.v2i2.1066

Abstract

Persaingan yang semakin ketat di sektor teknologi mendorong pentingnya pemahaman mengenai faktor-faktor yang benar-benar menentukan keputusan investasi perusahaan, terutama di tengah pasar modal yang fluktuatif. Penelitian terdahulu mengenai hubungan struktur modal, arus kas operasi, dan perilaku manajerial terhadap keputusan investasi masih menunjukkan hasil yang beragam, dan belum banyak yang menggabungkan perspektif keuangan dan perilaku dalam satu model pada perusahaan teknologi. Penelitian ini bertujuan menganalisis pengaruh struktur modal, arus kas operasi, dan optimisme manajer terhadap keputusan investasi pada perusahaan teknologi yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder dari 20 perusahaan selama empat tahun sehingga diperoleh 80 observasi yang dipilih melalui purposive sampling, kemudian dianalisis menggunakan regresi linear berganda dengan bantuan SPSS. Hasil penelitian menunjukkan bahwa arus kas operasi berpengaruh positif dan signifikan terhadap keputusan investasi, sedangkan struktur modal dan optimisme manajer tidak berpengaruh signifikan. Temuan ini mengindikasikan bahwa kekuatan arus kas internal, bukan komposisi pendanaan atau sentimen manajerial, menjadi penggerak utama keputusan investasi pada perusahaan teknologi, sekaligus memberikan penjelasan yang lebih membumi mengenai perilaku investasi di industri berbasis inovasi.
Co-Authors Idel Eprianto Jhonni Sinaga Siahaan, Matdio Witha Anggani Saraswati