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All Journal Jurnal Multidisiplin Sahombu Journal of Studies in Academic, Humanities, Research, and Innovation
Fitriani Rahim
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Religion Arts Chemistry Civil Engineering, Building, Construction & Architecture Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Social Sciences Other

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Analysis Of Optimal Portfolio Formation Using A Model Markowitz On LQ-45 Stocks Fitriani Rahim; Naura Wafiyah; Muhammad Akram Zaki Irfan; A. Nur Habibie Jannah; Reshki
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.908

Abstract

This study aims to analyze the construction of an optimal investment portfolio using the Markowitz Model for stocks listed in the LQ-45 index. The LQ-45 stocks were chosen because they represent leading and highly liquid companies on the Indonesia Stock Exchange, consisting of diverse industrial sectors that provide broad opportunities for risk reduction through diversification. The research method includes the calculation of expected returns, standard deviations as a measure of risk, and covariance among selected stocks to examine the interrelationship of asset movements. These components are then used to determine the optimal portfolio composition that offers the maximum possible return for a given level of risk or, conversely, minimizes risk for a targeted expected return. The results of the analysis demonstrate that the Markowitz Model is effective in forming portfolios that align with different investor risk preferences. The diversification effect generated by combining stocks across various sectors significantly reduces unsystematic risk without diminishing return potential. The findings also indicate that an optimal portfolio constructed using this method can serve as a practical and strategic investment alternative for both individual and institutional investors, particularly in a volatile market environment. Furthermore, this study provides valuable insights into portfolio selection strategies that can support investment managers in developing evidence-based decision-making frameworks. By applying modern portfolio theory, investors can better understand risk–return trade-offs and improve the efficiency of their investment allocations in the Indonesian capital market.
From Heritage To Commodity: The Politics Of Authenticity In Makassar’s Culinary Tourism Muh Al Fatah Arief Putra; Andi Aryani Hardiyanti; Fitriani Rahim; Indah Lestari Anwar; Fakhirah Husain
Journal of Studies in Academic, Humanities, Research, and Innovation Vol. 2 No. 2 (2025): December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/sahri.v2i2.913

Abstract

This study examines the cultural politics of culinary tourism in Makassar City, Indonesia, focusing on how ethnic cuisines function as both cultural representations and economic commodities. Employing a qualitative, interpretive approach grounded in cultural anthropology, the research analyzes secondary data from academic studies, tourism reports, and field observations to explore how authenticity, identity, and power intersect in Makassar’s evolving foodscape. The findings reveal that the city government and private stakeholders strategically promote dishes such as Coto Makassar, Pallubasa, Konro, and Pisang Epe as symbols of local heritage, while other traditional foods remain marginalized. This selective representation reflects institutional power in shaping narratives of authenticity and modernity. Culinary tourism in Makassar simultaneously preserves and commodifies cultural heritage, strengthening urban branding yet risking cultural simplification. Globalization, market adaptation, and the influence of food franchises such as Mie Gacoan further contribute to the homogenization of local cuisine. Nonetheless, local initiatives rooted in Bugis-Makassar culinary traditions continue to assert cultural resilience through the use of traditional ingredients and local wisdom. The study concludes that sustainable culinary tourism in Makassar requires inclusive governance and participatory cultural representation, ensuring that local communities maintain agency in defining their food heritage. Food, therefore, emerges as both sustenance and a medium for negotiating identity, power, and heritage in an increasingly globalized tourism economy.
Sensitivity Sector State-Owned Banking towards Signal Policy Fiscal: Event Study Change of Finance Minister on Himbara Banks Shares Nidrah, Nidrah; Rika Kurniawati; Fitriani Rahim
Jurnal Multidisiplin Sahombu Vol. 5 No. 07 (2025): Jurnal Multidisiplin Sahombu, November (2025)
Publisher : Sean Institute

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Abstract

The capital market serves as an important indicator for capturing informational changes, including political events related to fiscal policy. The announcement of a new Minister of Finance is considered an information event that may influence investor perceptions due to the strategic role of this position in determining national economic direction and fiscal stability. This study aims to examine the capital market reaction to the announcement, focusing on state-owned bank stocks (Himbara Banks) listed on the Indonesia Stock Exchange. An event study method was employed with an eleven-day event window (T–5 to T+5). The analysis utilized One Sample T-Test to detect significant abnormal returns on each observation day and Paired Sample T-Test to compare mean abnormal returns before and after the event. The findings reveal significant abnormal returns on T–3, T+3, and T+5, indicating that the market responded noticeably to the political event. The reaction on T–3 suggests possible information leakage, while the reactions on T+3 and T+5 reflect delayed market assessment of the new fiscal policy’s impact on state-owned banks. However, the Paired Sample T-Test indicates no significant difference between average abnormal returns before and after the announcement. These results suggest that the Indonesian capital market has not yet achieved semi-strong form efficiency.
Co-Authors A. Nur Habibie Jannah Andi Aryani Hardiyanti Fakhirah Husain Indah Lestari Anwar Muh Al Fatah Arief Putra Muhammad Akram Zaki Irfan Naura Wafiyah Nidrah, Nidrah Reshki Rika Kurniawati