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Fenomena Black Swan: Dampak Covid-19 Terhadap Herding Behavior Pada Sembilan Sektor di Pasar Modal Indonesia: Black Swan Phenomenon: The Impact of Covid-19 On Herding Behavior in Nine Sectors in The Indonesian Stock Market Harahap, Serarifi Elagin; Achsani, Noer Azam; Sasongko, Hendro
Jurnal Aplikasi Bisnis dan Manajemen Vol. 9 No. 3 (2023): JABM Vol. 9 No. 3, September 2023
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.9.3.998

Abstract

This study examines herding behavior in Indonesian capital market during COVID-19 pandemic. We assume, COVID-19 announcement has a black swan effect on the Indonesian capital market, which results in behavioral anomalies such as herding behavior. Herding can cause high volatility and market destabilization. This research used Cross-Sectional Absolute Deviation (CSAD) method to determine herding behavior in nine sectors (225 companies) on the Indonesia Stock Exchange (IDX) caused by black swan effect of the COVID-19 pandemic. The samples were stocks in nine sectors in IDX, consisting of 225 companies. The observation period is from February 01, 2018, to March 31, 2022. The study found that JKBIND (basic industry and chemicals) is the only sector that tends to herd. Meanwhile, there was no tendency for herding to occur in the other eight sectors. This study found that Indonesian capital market is quite rational because it is stable during the COVID-19 period (only one sector has a herding behavior trend). Herding behavior is an interesting topic during crisis periods, when investors share their fears and are vulnerable to large-scale financial panics. This research can increase the understanding of the capital market and the financial impact of the COVID-19 pandemic for investors and regulators. Keywords: COVID-19, Cross-Sectional Absolute Deviation (CSAD), herding behavior, Indonesia, stock market
Optimasi Produksi Selulosa Mikrokristal dari Selulosa Tandan Kosong Kelapa Sawit Menggunakan Metode Respon Permukaan Harahap, Serarifi Elagin; Michelle, Michelle; Latisya, Silva; Dimawarnita, Firda; Herawan, Tjahjono; Faramitha, Yora
Jurnal Penelitian Kelapa Sawit Vol 33 No 3 (2025): Jurnal Penelitian Kelapa Sawit
Publisher : Pusat Penelitian Kelapa Sawit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22302/iopri.jur.jpks.v33i3.330

Abstract

Tandan kosong kelapa sawit (TKKS) merupakan limbah biomassa yang melimpah dengan kandungan selulosa tinggi, namun pemanfaatannya masih terbatas pada aplikasi konvensional seperti sebagai mulsa di perkebunan kelapa sawit. Padahal, TKKS berpotensi dikembangkan menjadi produk turunannya yang bernilai tinggi, seperti mikrokristalin selulosa (mycrocrystalline cellulose/MCC) yang memiliki aplikasi luas di berbagai industri, termasuk farmasi, makanan, dan material komposit. Penelitian ini bertujuan mengoptimasi produksi MCC dari selulosa TKKS melalui hidrolisis asam menggunakan pendekatan Response Surface Methodology (RSM) untuk mencapai yield tertinggi. Optimasi dilakukan terhadap tiga variabel utama, yaitu konsentrasi asam klorida/HCl (1,2,3 M), waktu hidrolisis (20, 40, 60 menit), dan rasio massa selulosa terhadap volume HCl (25, 50, 75 g/L), dengan rancangan eksperimen Box-Behnken. Hasil menunjukkan bahwa yield MCC tertinggi sebesar 84,41% tercapai pada konsentrasi HCl 1,77 M, waktu hidrolisis 36,57 menit, dan rasio massa selulosa terhadap volume HCl 58,33 g/L. MCC yang diperoleh berdasarkan kondisi optimum memiliki kandungan alpha selulosa 71,42%; hemiselulosa 14,36%; dan lignin 0,59%. Analisis Forier Transform Infrared (FT-IR) dan X-Ray Diffraction (XRD) mengkonfirmasi profil spektral dan kristalinitas yang sesuai dengan tipikal MCC. Hasil yang diperoleh membuktikan bahwa optimasi produksi menggunakan RSM berhasil meningkatkan efisiensi produksi MCC dengan yield dan kandungan selulosa yang tinggi.