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All Journal JURISMA: Jurnal Riset Bisnis & Manajemen Economics and Business Journal
Irma Tsuraya Choirinnida
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Fama-French Five Factor Model: Systematic Literature Review Maulana, Yasir; Komarudin, Munir Nur; Tsuraya, Irma
JURISMA : Jurnal Riset Bisnis & Manajemen Vol. 15 No. 1: April 2025
Publisher : Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Komputer Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34010/jurisma.v15i1.14909

Abstract

This inquiry is to find out, analyze, and integrate existing findings regarding the application and effectiveness of the Fama-French Five Factor Model in various market contexts through a systematic literature review approach. This research methodology uses a qualitative approach through a systematic literature review and bibliometric analysis through VosViewer software, obtained from 27 articles. Based on the literature review results, the Fama-French Five Factor Model has been shown to be superior in explaining asset price anomalies in several markets, such as Australia and South Africa, compared to previous models. However, its effectiveness varies depending on market characteristics, with less consistent results in emerging markets such as Asia, where profitability and investment factors are not always significant. In the context of the Indonesian market, research shows that FF5FM does not always outperform the three-factor model, suggesting that the addition of new factors may not always be relevant in all markets. Keywords: Fama-French Five Factor; Portfolio; Investment; Asset pricing; SLR  
Indonesia's Social Enterprise: Policy Challenges and Support Needs Sebastian Billy Anggara; Irma Tsuraya Choirinnida
Economics and Business Journal (ECBIS) Vol. 3 No. 5 (2025): July
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v3i5.227

Abstract

This research investigates the policy landscape surrounding social entrepreneurship in Indonesia, encompassing legal and regulatory frameworks, government initiatives, and institutional support for social enterprises. The study is crucial as it addresses an understudied area, aiming to inform policymakers, foster collaboration, stimulate economic development, and promote sustainable growth. The methodology involved qualitative interviews with eight social entrepreneurs across Indonesia. Collected data was analyzed using content analysis techniques, facilitated by the MAXQDA platform. Findings indicate that despite social entrepreneurship being an emerging field in Indonesia, there is a notable lack of effective policies and regulations. Six of eight respondents perceived inadequate current regulatory support, and half cited financial challenges as a significant issue. Conversely, seven respondents acknowledged existing government assistance, suggesting a willingness to support the sector. Based on these results, key recommendations for the government to foster a supportive ecosystem include developing non-overlapping policies, implementing substantive policy changes, promoting useful policies, simplifying bureaucracy, and engaging in direct dialogue with social entrepreneurs. The research concludes that addressing these areas can empower social entrepreneurs to create lasting social impact. This study uniquely fills a gap by directly engaging social entrepreneurs, though future research should include government representatives for broader perspectives. 
Co-Authors Komarudin, Munir Nur Sebastian Billy Anggara Yasir Maulana