Article Per Year (5 Year)
p-Index From 2021 - 2026
0.835
P-Index
This Author published in this journals
All Journal Journal of Economics and Business UBS Journal of Social Research Eduvest - Journal of Universal Studies
Jagat Prirayani
Institut Teknologi Bandung
Aerospace Engineering Humanities Computer Science & IT Economics, Econometrics & Finance Education Health Professions Neuroscience Social Sciences

Published : 5 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 5 Documents
Search

 1 
Drivers of Indonesia's Foreign Exchange Reserves and Their Linkage to USD Liquidity: Evidence From A Macro-Financial Ols Model L M Agung B Banyu Garmada; Jagat Prirayani
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52600

Abstract

Indonesia's foreign exchange reserves are an important shield to maintain currency stability and protect the country's financial system. In recent years, changes in global interest rates, commodity prices, capital movements, and local financial conditions have made it difficult to manage these reserves. These changes create important questions for policymakers about which macro-financial factors have the strongest impact on Indonesia's foreign exchange reserves and how they relate to the USD's liquidity in the domestic interbank market. This study was conducted on the assumption that foreign exchange reserves and interbank USD liquidity respond simultaneously to domestic financial conditions and global financial macro turmoil. Based on the international financial literature, this study develops the proposition that domestic market yields, global dollar strength, financial stress indicators, commodity cycles, and external sector performance together determine the monthly dynamics of Indonesia's foreign exchange reserves and USD liquidity. The analysis applied multivariate Ordinary Least Squares to monthly macrofinancial data from 2010 to 2024, preceded by stationarity testing, multicollinearity diagnostics, and residual evaluation. The results show that Indonesia's foreign exchange reserves are heavily influenced by long-term domestic yields, global USD indices, interbank liquidity conditions, export performance, US inflation, and global dollar funding stress. Interbank USD liquidity is attributed to trade balances, domestic and global yields, consumer confidence, retail activity, MSCI equity performance, global commodity cycles, and United States corporate credit conditions. This research provides a data-driven starting point that can support the development of more responsive policy instruments to protect Indonesia's external stability.
Event Study: The Impact of Trump Tax Tariff Announcement On Top Three Sectoral Indices Muhammad Raffey Satrio Bimo; Jagat Prirayani
Eduvest - Journal of Universal Studies Vol. 6 No. 4 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i4.52493

Abstract

This study examines the immediate market reaction to the U.S. government’s tariff announcement on April 2, 2025, and evaluates its impact on three key Indonesian sectoral indices: IDXENERGY, IDXBASIC, and IDXFINANCE. Since the announcement was publicly visible and signaled changes in global trade expectations, commodity price movements, and projected profitability in exposed sectors, the study investigates whether the new information was rapidly incorporated into equity prices, in line with the semi-strong form of the Efficient Market Hypothesis (EMH). The research is relevant due to Indonesia’s deep integration into global commodity value chains and financial markets, along with the limited sector-level tariff shock evidence in emerging markets. A short-horizon event study methodology is applied to compute abnormal returns (AR) surrounding the announcement. The Jakarta Composite Index (JCI) serves as the benchmark for estimating expected returns within a 100-day estimation window [–120, –20], and an event window of 21 days [–10, +10] captures anticipatory trading, immediate reactions, and short-term corrections. Abnormal Returns (AR), Average Abnormal Returns (AAR), and Cumulative Abnormal Returns (CAR) are calculated to measure magnitude and persistence. Normality is tested using the Shapiro-Wilk test, and statistical significance is assessed using both one-sample t-tests and Wilcoxon Signed-Rank tests. A market-adjusted model validates robustness. Findings show significant abnormal returns across the entire event window, particularly before the announcement, indicating speculation or rumor-driven trading. Negative abnormal returns peak at T-10, and CAR patterns suggest sustained impact rather than temporary fluctuation.   
Analysis of Determinants Affecting Profitability in Pertamina Papua Field Muhamad Husein; Jagat Prirayani
Eduvest - Journal of Universal Studies Vol. 6 No. 6 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i6.53249

Abstract

This study investigates profitability determinants in marginal oil field operations, addressing whether profitability is primarily driven by management-controllable internal factors or market-driven external conditions. Using 60 monthly observations from January 2019 to December 2023 from the Pertamina Papua Field, we employ a three-model regression framework systematically separating internal operational factors (Model 1), external market conditions (Model 2), and combined effects (Model 3). Empirical findings establish that internal management-controllable factors explain 89.12% of profitability variance (R² = 0.8912, F = 72.34, p < 0.001), while external market-driven factors explain 52.34% variance (R² = 0.5234, F = 31.23, p < 0.001). The 37-percentage point explanatory power gap quantifies internal factor dominance. Lifting cost emerges as the dominant determinant with coefficient -9.12 (p < 0.001), indicating each dollar-per-barrel increase reduces Return on Assets by 9.12 percentage points. Oil price demonstrates positive coefficient +1.34 (p < 0.001), yet comparison reveals cost reduction provides 6.8 times greater profitability impact than equivalent price increases. The combined model (R² = 0.9600, F = 89.45, p < 0.001) validates a coefficient ratio of 7.3:1 between lifting cost and oil price effects, establishing that cost management is 7.3 times more powerful than price movements in determining profitability. Incremental R-squared analysis demonstrates internal factors contribute 9.4 times more explanatory power than external factors. Strategic recommendations suggest allocating 80-85% of transformation resources toward internal operational improvements and 15-20% toward external risk management, projecting Return on Assets transformation from -20.25% to +35-55% within 24 months.
The Evaluation of Financial Profitability Determinants Post Initial Public Offerring Case: PT Goto Gojek Tokopedia TBK Mayora Andrea Utomo; Jagat Prirayani; Erman Sumirat
Journal of Economics and Business UBS Vol. 15 No. 1 (2026): Journal of Economics and Business UBS
Publisher : Cv. Syntax Corporation Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52644/m4955t40

Abstract

The COVID-19 pandemic and tightening global macroeconomic conditions have put significant pressure on digital platform companies following the initial public offering (IPO), including PT GoTo Gojek Tokopedia Tbk. Despite recording high transaction and user growth, the company still faces challenges in achieving sustainable financial profitability. This study aims to analyze the determinants of GoTo's financial profitability in the post-IPO period by reviewing the role of internal organizational factors and external market factors. The research uses an explanatory quantitative approach with quarterly time-series data for the period 2018–2025. Profitability is measured through return on assets (ROA) and return on equity (ROE). The analysis was carried out using time-series regression with the Augmented Dickey–Fuller stationarity test and Newey–West robust estimation. The results show that internal organizational factors, especially operational efficiency reflected in the EBITDA margin, have a significant effect on ROA. In contrast, external factors such as the level of competition, business confidence, inflation, and economic growth did not show a significant influence on ROE in the short term. These findings confirm that GoTo's post-IPO profitability is determined more by the quality of internal execution than external market conditions. This research provides strategic implications for digital platform companies in managing the transition from growth-oriented to financial sustainability.
Comparative Analysis of The Economic and Environmental Performance of Virgin and Recycled Polyester in Supporting The Transition from a Linear to a Circular Economy in The Indonesian Polyester Industry Richo Erwansyah Mauland; Jagat Prirayani
Journal of Social Research Vol. 5 No. 8 (2026): Journal of Social Research
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/josr.v5i8.3295

Abstract

The polyester industry in Indonesia has experienced significant growth under a linear economic model based on virgin polyethylene terephthalate (vPET), which relies heavily on fossil-based resources and contributes to high energy consumption, greenhouse gas (GHG) emissions, water use, and waste generation. The transition toward recycled polyethylene terephthalate (rPET) represents an important pathway for implementing circular economy principles and improving industrial sustainability. This study aims to compare the economic and environmental performance of vPET and rPET, evaluate future development trends, and identify strategic factors influencing the transition from a linear to a circular economy model in Indonesia’s polyester industry. A mixed-methods approach was employed, combining quantitative comparative analysis, Simple Linear Regression (SLR) for projection analysis, and PESTEL analysis to assess external factors affecting rPET development. The results indicate that vPET maintains stronger economic performance in terms of production, revenue, and operating profit; however, rPET demonstrates superior environmental performance through substantially lower energy consumption, GHG emissions, and water usage. Projection results for 2025–2030 show that rPET has greater growth potential, supported by increasing sustainability demands, regulatory pressure, technological advancement, and ESG commitments. Nevertheless, challenges related to feedstock availability, recycling infrastructure, and investment requirements remain significant barriers. This study concludes that a gradual transition through a hybrid economic approach is the most feasible strategy, enabling Indonesia’s polyester industry to balance economic competitiveness with environmental sustainability while supporting circular economy implementation and net-zero emission targets.
Co-Authors Erman Sumirat L M Agung B Banyu Garmada Mayora Andrea Utomo Muhamad Husein Muhammad Raffey Satrio Bimo Richo Erwansyah Mauland