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All Journal Journal of Governance, Taxation, and Auditing Determinasi: Jurnal Penelitian Ekonomi Manajemen dan Akuntansi
Hamzah, Muhammad Ammar
Unknown Affiliation
Economics, Econometrics & Finance

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Analisis Pengaruh Pendidikan terhadap Pendapatan Nasional: Pendekatan Model Pooled OLS Fathoni, Aldy Ahmad; Hamzah, Muhammad Ammar; Mu'tasim, Faisal; Putra, Faiz Rhoditul Khanza
Determinasi: Jurnal Penelitian Ekonomi Manajemen dan Akuntansi Vol. 3 No. 3 (2025)
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/determinasi.v3i3.488

Abstract

This study aims to analyze the effect of education on national income using the Pooled Ordinary Least Squares (POLS) model approach. The data used includes average years of schooling, national income per capita, as well as control variables such as investment in infrastructure, unemployment rate, and inflation. The results of the analysis show that education level has a positive and significant influence on national income per capita, with each one-year increase in average years of schooling increasing income by IDR150 thousand. On the other hand, investment in infrastructure shows a positive but statistically insignificant impact. Unemployment and inflation rates have a negative impact on national income, albeit insignificant. These findings underscore the importance of investing in education as a strategy to improve economic welfare. Policy recommendations include improving access and quality of education as well as developing strategies to reduce unemployment and inflation. This research provides valuable insights for policymakers in formulating sustainable and inclusive economic development measures.
Application Of the Markowitz Model in Determining the Optimal Portfolio of Stocks Listed on The Jakarta Islamic Index (Jii) For The 2022–2024 Period Hamzah, Muhammad Ammar; Rosyadi, Imron
Journal of Governance, Taxation and Auditing Vol. 4 No. 4 (2026): Journal of Governance, Taxation and Auditing (April - June 2026)-In Progress
Publisher : PT Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/jogta.v4i4.1950

Abstract

The continued increase in Indonesia's investor base, accompanied by the broader inclusion of Sharia-compliant equities as reflected in the continued advancement of the Islamic stock market. Nevertheless, participation in capital market investment remains inseparable from risk exposure. Therefore, investors need to carefully consider every investment decision when participating in the stock market. This study is intended to determine the most appropriate stock portfolio composition among companies included in the Jakarta Islamic Index over the 2022–2024 period by employing the Markowitz Model through three portfolio strategies, namely minimum risk, maximum expected return, and maximum Sharpe ratio. The research employs a descriptive quantitative design using secondary data obtained from daily stock closing prices, which are analyzed using mean–variance estimation, covariance and correlation measures, as well as portfolio performance evaluation techniques. Data analysis is conducted using Visual Studio Code with the Python programming language. The results show that the minimum risk portfolio produces the lowest level of risk through diversification across several stocks, while the maximum expected return portfolio offers the greatest return potential, although it is accompanied by a higher degree of risk because the investment is not diversified. By contrast, the portfolio with the largest Sharpe Ratio demonstrates the highest level of efficiency in balancing expected return against risk. Accordingly, a portfolio constructed using the maximum Sharpe ratio approach can be regarded as the most optimal strategy, as it provides the most advantageous balance between risk exposure and return potential.
Co-Authors Fathoni, Aldy Ahmad Imron Rosyadi Mu'tasim, Faisal Putra, Faiz Rhoditul Khanza