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All Journal JURNAL PENDIDIKAN TAMBUSAI JURNAL EKONOMI BISNIS DAN MANAJEMEN Jurnal Ekonomi Bisnis dan Manajemen
Rani Selfia Sipayung
Universitas Negeri Medan
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Social Sciences

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Pengaruh Investasi Pendidikan terhadap Pertumbuhan Ekonomi Berbasis Human Capital di Sumatera Utara Rani Selfia Sipayung; Ruhama Girsang; Dhea Yurike Silaban; Revita Yuni
Jurnal Pendidikan Tambusai Vol. 9 No. 3 (2025): Desember
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Penelitian ini berfokus pada kajian pengaruh investasi pendidikan terhadap pertumbuhan ekonomi di wilayah Provinsi Sumatera Utara dengan berpijak pada kerangka Teori Human Capital serta model pertumbuhan ekonomi endogen yang dikembangkan dalam Endogenous Growth Theory. Meskipun aktivitas ekonomi regional mencatat momentum pemulihan dengan laju pertumbuhan hingga 5,11% di tahun 2022, tantangan di sektor modal manusia masih cukup jelas. Salah satu indikatornya adalah capaian Rata-rata Lama Sekolah yang baru berada di angka 9,11 tahun, menandakan bahwa durasi pendidikan formal penduduk rata-rata masih berhenti pada level menengah pertama. Berdasarkan metode kajian literatur kualitatif, penelitian ini menegaskan bahwa pendidikan selayaknya dipahami sebagai investasi strategis yang bersifat produktif. Pendidikan berfungsi memperkuat kapasitas tenaga kerja melalui peningkatan kompetensi, akselerasi inovasi, serta efisiensi pemanfaatan pengetahuan, yang secara kolektif mendorong pertumbuhan output ekonomi di tingkat regional. Sintesis studi yang dirujuk menunjukkan konsistensi temuan bahwa pendidikan dan pembiayaannya berkaitan positif dengan pergeseran struktur ekonomi ke sektor bernilai tambah tinggi, sekaligus mendukung validitas teori tentang peran modal manusia terhadap pertumbuhan ekonomi. Lebih lanjut, berbagai studi juga menyoroti bahwa hasil konversi investasi pendidikan ke pertumbuhan PDRB secara optimal tidak selalu terjadi secara linear dan cepat. Efek transmisi investasi tersebut dipengaruhi oleh faktor perspektif kultural dan kondisi sosial wilayah setempat, serta kendala pemerataan kualitas dan akses pendidikan di sejumlah daerah. Oleh karena itu, human capital diposisikan sebagai variabel mediasi yang krusial antara investasi pendidikan dan laju pertumbuhan Produk Domestik Regional Bruto atas dasar harga konstan di wilayah provinsi. Implikasi akhirnya jelas: kebijakan pendanaan pendidikan perlu lebih menekankan perbaikan mutu pembelajaran dan pengurangan ketimpangan antarwilayah, bukan sekadar mengejar peningkatan total belanja di atas kertas anggaran daerah.
Identifikasi Saham Undervalued Sektor Makanan dan Minuman Berbasis PER dan PBV (BEI 2021–2025) Rani Selfia Sipayung; Dhea Yurike Silaban; Ruhama Girsang; Putri Kemala Dewi Lubis
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.1825

Abstract

Shares trading below their intrinsic value present compelling return opportunities, particularly for long‑term investors. This study aims to assess the valuation of eight food‑and‑beverage issuers listed on the Indonesia Stock Exchange (IDX) over the 2021–2025 period using two market‑based valuation instruments: the Price to Earnings Ratio (PER) and the Price to Book Value (PBV). A quantitative descriptive design was employed, and a purposive sampling technique selected eight issuers: INDF, ICBP, MYOR, ROTI, GOOD, CLEO, CMRY, and CAMP. The sectoral benchmarks obtained were an average industry PER of 22.64 times and an average industry PBV of 3.45 times. Comparative analysis reveals that INDF (PER 7.38x; PBV 0.59x), ICBP (PER 17.60x; PBV 1.83x), ROTI (PER 18.86x; PBV 2.47x), and CAMP (PER 16.59x; PBV 1.78x) are undervalued relative to the industry average and therefore merit consideration as buy candidates, while MYOR, GOOD, CLEO, and CMRY are overvalued. INDF emerges as the most attractive investment candidate because its PBV remained consistently below 1.00 throughout the observation window, a condition recognized in value‑investing literature as deeply undervalued. The findings reinforce the argument that combining PER and PBV serves as a reliable tool for identifying high‑potential stocks from a fundamental analysis perspective.
Identifikasi Saham Undervalued Sektor Makanan dan Minuman Berbasis PER dan PBV (BEI 2021–2025) Rani Selfia Sipayung; Dhea Yurike Silaban; Ruhama Girsang; Putri Kemala Dewi Lubis
JURNAL EKONOMI BISNIS DAN MANAJEMEN Vol. 4 No. 2 (2026): April : JURNAL EKONOMI BISNIS DAN MANAJEMEN
Publisher : CV. ALIM'SPUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59024/jise.v4i2.1825

Abstract

Shares trading below their intrinsic value present compelling return opportunities, particularly for long‑term investors. This study aims to assess the valuation of eight food‑and‑beverage issuers listed on the Indonesia Stock Exchange (IDX) over the 2021–2025 period using two market‑based valuation instruments: the Price to Earnings Ratio (PER) and the Price to Book Value (PBV). A quantitative descriptive design was employed, and a purposive sampling technique selected eight issuers: INDF, ICBP, MYOR, ROTI, GOOD, CLEO, CMRY, and CAMP. The sectoral benchmarks obtained were an average industry PER of 22.64 times and an average industry PBV of 3.45 times. Comparative analysis reveals that INDF (PER 7.38x; PBV 0.59x), ICBP (PER 17.60x; PBV 1.83x), ROTI (PER 18.86x; PBV 2.47x), and CAMP (PER 16.59x; PBV 1.78x) are undervalued relative to the industry average and therefore merit consideration as buy candidates, while MYOR, GOOD, CLEO, and CMRY are overvalued. INDF emerges as the most attractive investment candidate because its PBV remained consistently below 1.00 throughout the observation window, a condition recognized in value‑investing literature as deeply undervalued. The findings reinforce the argument that combining PER and PBV serves as a reliable tool for identifying high‑potential stocks from a fundamental analysis perspective.
Co-Authors Dhea Yurike Silaban Putri Kemala Dewi Lubis Revita Yuni Ruhama Girsang