Cakrawala Repositori Imwi
Jurnal Cakrawala Repositori IMWI focuses on publishing original research articles, reviewing articles from contributors, and current issues relating to Economics, Business and Management. The main purpose of the journal is to provide a platform for scholars, academics, and researchers to share contemporary thinking in the field. The work should not be published or submitted for publication elsewhere. The official language of the manuscript that will be published in Jurnal Cakrawala Repositori IMWI is Indonesian. For information and registration, contact cakrawala@imwi.ac.id. Jurnal Cakrawala Repositori IMWI is a peer-reviewed journal which is published six times a year. This journal is an open-access that publishes research outcomes with significant contributions to the understanding and improvement of management science. The review process in this journal employs a double-blind peer-review, which means that both the reviewer and author identities are concealed from the reviewers, and vice versa.
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<![CDATA[Analysis of Sri-Kehati Stock Performance in The Period Before and During Covid-19 Using The Sharpe, Treynor, and Jensen Methods ]]>
<![CDATA[Aria Nindita Wulansari]]>;
<![CDATA[Totok Sugiharto]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.665
<![CDATA[This research aims to compare the performance of the SRI-KEHATI index stocks before and during the COVID-19 period using the Sharpe Ratio, Treynor Ratio, and Jensen's Alpha. A quantitative method with a descriptive approach was used in this study, utilizing secondary data. Sample data selection employed a non-probability method with a purposive sampling technique from a single population. Statistical tests were then conducted using paired sample t-test to examine whether there is a difference in portfolio performance among the stocks in the SRI-KEHATI index between the periods before and during the COVID-19 pandemic using the Sharpe, Treynor, and Jensen methods. The results of this research indicate that there was a notable contrast between the periods before and during the COVID-19 pandemic when utilizing the Sharpe Ratio and Treynor Ratio measurement methods. However, this discrepancy was not observed when employing the Jensen Method, as there was no significant difference detected between the two periods.]]>
<![CDATA[The Effect of Good Corporate Governance on Leverage-Mediated Dividend Policy in LQ45 Companies Listed on IDX ]]>
<![CDATA[Yoshi Suryo Dhanti]]>;
<![CDATA[Totok Sugiharto]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.667
<![CDATA[The objectives of this study are to investigate the relationship between Good Corporate Governance (GCG) variables, leverage, and dividend policy, as well as to examine the effect of leverage-mediated GCG on dividend policy. This study was conducted on companies listed in the LQ45 index on the Indonesia Stock Exchange (IDX) spanning from 2018-2022. Data were gathered from the companies’ annual financial statements using purposive sampling methods and judgment sampling. The collected data were analyzed using Partial Least Square analysis – SEM, SMART PLS software to determine the relationship between variables. The findings reveal a positive influence between GCG and dividend policy, with leverage mediating this relationship. These results diverge from certain previous studies, so the results of this test can provide a variation of research results. The implications of this study are expected to enhance understanding regarding the important role of GCG and its relation to dividend policy.]]>
<![CDATA[Stock Liquidity and Return Distribution in Emerging Market ]]>
<![CDATA[Eka Puspita Sari]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.673
<![CDATA[Purpose: This study aims to illustrate the relationship between the liquidity of a stock and the return distribution of all companies listed on the Indonesian Stock Exchange. Design/methodology/approach: The correlation between stock liquidity and return distribution, represented using skewness and kurtosis methods, was determined by the author through two-way tests using line regression (fixed cross-section regression) and machine learning (random forest regressor) for Indonesia data Stock exchange from 2014 to 2023. Findings: The results indicate a connection between stock liquidity and return distribution. When evaluating stock liquidity, the zero return days technique gives a more significant relationship, while the kurtosis of return method gives a more significant return distribution. It is impossible to determine with absolute certainty whether the correlation is positive or negative; it depends on how stock liquidity and return distribution are measured. Research limitations/implications: The correlation between stock liquidity and return distribution cannot be characterized as an absolute relationship due to the intricacy and variety of approaches used to measure it. Practical implications: The kurtosis of return has a better relationship with stock liquidity, and “zero return day” and “relative spread” are still more strongly correlated with the return distribution. Originality/value: As the first study to use machine learning and linear regression to examine the relationship between stock liquidity and return distribution, this paper expands the body of knowledge. Second, it examines which return distribution – skewness or kurtosis – has a stronger correlation with stock liquidity. Third, we examine which liquidity metrics—relative spread, Amihud liquidity, price impact ratio, and zero return days—are most related to the return distribution.]]>
<![CDATA[Dampak Sosial Media Marketing Melalui Brand Image dan Brand Awareness terhadap Purchase Intention Ren Organizeer ]]>
<![CDATA[Dinda Lourensia Habibah]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.676
<![CDATA[Virus COVID-19 membuat perubahan cara promosi dari offline ke online. Menyikapi perubahan ini, REN Organizer menggunaan platform instagram untuk media pemasaran. Penelitian ini dibuat untuk mengetahui faktor yang memengaruhi sosial media marketing melalui brand image dan brand awareness terhadap purchase intention. Penelitian ini dilakukan mulai dari Januari-Desember 2022 menggunakan metode kuantitatif deskriptif dengan populasi akun instagram yang pernah berinteraksi dengan REN Organizer sampai Agustus 2022 dan sampel sebanyak 100 responden. Alat analisis yang digunakan pada penelitian ini adalah Partial Least Square (PLS)-Structural Equation Model (SEM). Hasil penelitian menunjukan bahwa tiga variabel memiliki pengaruh terhadap purchase intention REN Organizer dan memiliki hubungan yang signifikan dan satu hipotesis ditolak. Variabel independen (X) social media marketing yang diduga memengaruhi Brand Image (X1) dan Brand Awareness (X2), sedangkan variabel dependent (Y) dalam penelitian ini yaitu Purchase Intention.]]>
<![CDATA[The Role of Corporate Governance in Predicting Resilience and Growth During Pandemic Covid-19 ]]>
<![CDATA[Lelasari Sijabat]]>;
<![CDATA[Lovenia Marlien Sakul]]>;
<![CDATA[Fanny Soewignyo]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.677
<![CDATA[We examine the relationship between corporate governance, company resilience, and firm growth that occurred amid the COVID-19 epidemic. We conducted a comprehensive analysis of food and beverage companies listed on the Indonesian stock exchange over a three-year period, spanning from 2020 to 2022. Out of the total of 84 firms in the food and beverage industry, we utilized 68 firm as our final sample. This study utilizes panel data regression to analyze the correlation between corporate governance and the ability of a corporation to withstand challenges and achieve growth in particular situations. An organization that upholds a just and equitable framework of corporate governance demonstrates greater resilience in the face of the COVID-19 pandemic. Studies have indicated that corporate governance does not have a substantial impact on the ability of a company to withstand and recover from challenges or disruptions. Corporate governance does not impact the selected indicators used to assess corporate growth, which include sales growth, asset growth, and profitability measured by return on assets (ROA).]]>
<![CDATA[Pengaruh Kualitas Pelayanan dan Kepuasan Pelanggan terhadap Loyalitas Pelanggan pada PT. Niki Intermoda Sejahtera Sidoarjo ]]>
<![CDATA[Aanisah Yumnaa Lubis]]>;
<![CDATA[Supriyono Supriyono]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.679
<![CDATA[Tujuan penelitian ini adalah untuk mengetahui kualitas pelayanan dan kepuasan pelanggan terhadap loyalitas pelanggan pada PT. Niki Intermoda Sejahtera di Sidoarjo. Loyalitas pelanggan merupakan salah satu tujuan bisnis dari Perusahaan yang bisa berdampak pada keberlangsungan operasional perusahaan. Metode penelitian ini menggunakan penelitian kuantitatif yaitu variabel independen adalah kualitas pelayanan dan kepuasan pelanggan kemudian variabel dependen adalah loyalitas pelanggan. Pengambilan sampel menggunakan teknik Purposive Sampling terdapat 55 responden dan analisis data dilakukan dengan metode Part Least Square (PLS). Hasil analisis penelitian ini bahwa kualitas pelayanan berpengaruh terhadap loyalitas pelanggan PT. Niki Intermoda Sejahtera Surabaya dengan Kualitas Pelayanan (X1) berpengaruh positif terhadap Loyalitas Pelanggan (Y) dapat diterima, dengan path coefficients sebesar 0,587 dan nilai T-Statistic sebesar 5.657 > 1,96 (dari nilai tabel Za = 0,05). Kemudian Kepuasan Pelanggan (X2) berpengaruh positif terhadap Loyalitas Pelanggan (Y) dapat diterima, dengan path coefficients sebesar 0,297 dan nilai T- Statistic sebesar 2,154 > 1,96 (dari nilai tabel Za = 0,05).]]>
<![CDATA[Membangun Kemandirian Ekonomi Pesantren : Tinjauan Terhadap Proteksi Ekonomi Pada Unit Usaha Di Pondok Pesantren Teknologi Pertanian Al Islam Kambitin ]]>
<![CDATA[Azmi Azhari Primadana]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.680
<![CDATA[The number of pesantren in Indonesia currently stands at 28,518, with 4,354,245 students. However, only 90.48% of the 11,686 pesantren have business units in 2020 and 2021, indicating that many pesantren do not yet have business units. To maintain the sustainability and resilience of pesantren as educational and religious institutions, they need to be economically independent to avoid outside intervention. Through economic protection policies, pesantren can fortify their economy by limiting outside competitors and maximizing internal resources. This study aims to analyze the economic protection strategy towards the economic development of pesantren in Al-Islam Agricultural Technology Boarding School using qualitative methods and SWOT analysis. The results show that the economic protection policy of this boarding school is in quadrant 1, showing the potential and strengths that can be utilized, with a strategy of supporting aggressive growth (SO).]]>
<![CDATA[Village Authority in Tourism Management to Support Income Increase Desa Kemuning, Kecamatan Ngargoyoso, Kabupaten Karanganyar ]]>
<![CDATA[Rossi Filia Maladi]]>;
<![CDATA[Adriana Grahani Firdausy]]>;
<![CDATA[Maria Madalina]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.681
<![CDATA[Village development is an important aspect in the development of the Indonesian Nation. One sector that can be utilized for village development is tourism. Village has the authority to develop its tourism as a form of managing the potential of the village. Village tourism in the process of its development is inseparable from obstacles such as low human resources, conflicts between villagers in the development of village tourism, etc. This research discusses how the authority of Kemuning Village in tourism management to support the enhancement of Kemuning Village's original income and what obstacles the Kemuning village government experiences in managing the village's tourism potential to support village income. This research is a type of empirical legal research with a descriptive research style and a qualitative approach. The data collection techniques used are field research and literature study. Based on this research, Kemuning Village has already executed some of its authorities in tourism management to support the increase of village income, but there are also some authorities that have not been executed by the Kemuning Village government. The obstacles experienced by the Kemuning Village government in managing tourism potential to support village income are the lack of people who understand and can utilize the potential of the tourism sector, the lack of coordination between the Kemuning Village Government and the Karanganyar Regency Government, the implementation of BUM Desa that is not yet optimal, and the absence of village regulations related to tourism management and levies on tourist business services.]]>
<![CDATA[Pengaruh Influencer Marketing, Online Customer Review, dan Rating Terhadap Minat Beli Konsumen pada Produk Fashion di Shopee: Studi Kasus Pengguna Aplikasi Shopee di Provinsi Riau ]]>
<![CDATA[Sekar Rahmadaningsih]]>;
<![CDATA[Miftakhus Surur]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.682
<![CDATA[Seiring dengan berjalannya waktu, terdapat peningkatan belanja online warga Indonesia. Hal ini didukung oleh perkembangan teknologi dan internet. Sebelumnya, warga Indonesia rata-rata berbelanja online sebulan sekali, namun pada tahun 2023 frekuensi warga Indonesia untuk berbelanja online menjadi seminggu sekali. Peningkatan frekuensi belanja tersebut menunjukkan bahwa belanja online semakin digemari oleh warga Indonesia. Penelitian ini akan membahas tentang bagaimana pengaruh Influencer marketing, online customer review, dan rating terhadap minat beli konsumen pada produk fashion yang dijual di Shopee. Populasi penelitian adalah warga Provinsi Riau dengan pengambilan sampel menggunakan metode random sampling. Produk fashion dan aksesoris menjadi primadona di e-commerce pada tahun 2019. Shopee sebagai salah satu penyedia layanan toko online telah mendominasi pasar di Indonesia. Kapitalisasi Shopee sebagai e-commerce mengalahkan Tokopedia, Lazada, dan platform lainnya. Hal ini menunjukkan bahwa Shopee lebih dikenal oleh calon konsumen daripada platform lainnya. Saat ini, beberapa daerah di Indonesia sedang gencar mempromosikan penjualan online, beberapa diantaranya adalah daerah-daerah di Provinsi Riau. Minat belanja konsumen di pasar online tentu saja dipengaruhi oleh beberapa faktor. Kepercayaan menjadi hal yang harus dibangun penyedia usaha untuk menciptakan minat beli konsumen. Strategi pemasaran yang digunakan di era digital ini berpengaruh terhadap perilaku konsumen. Penelitian ini menggunakan metode deskriptif kuantitatif dengan data primer. Hasil penelitian menunjukkan bahwa secara simultan Influencer marketing, online customer review, dan rating berpengaruh terhadap minat beli.]]>
<![CDATA[Analysis of The Relationship Between Financial Distress and Manipulation in Islamic Commercial Banks After COVID-19 ]]>
<![CDATA[Ichsan Arydani]]>;
<![CDATA[Sugiyati Fatma Laela]]>
<![CDATA[ Cakrawala Repositori IMWI Vol. 7 No. 3 (2024): Cakrawala Repositori IMWI ]]>
Publisher : <![CDATA[Institut Manajemen Wiyata Indonesia & Asosiasi Peneliti Manajemen Indonesia ]]>
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DOI: 10.52851/cakrawala.v7i3.683
<![CDATA[This study aims to analyse financial distress and potential financial statement manipulation in Islamic commercial banks. In addition, this study analyses the relationship between the two. Financial distress is measured by the Altman Z-Score m,odelBeneish M-Score measures potential financial statement manipulationh M-Score. The analysis techniques used are descriptive qualitative and Pearson CorrelatioUsinging data from 12 Islamic Commercial Banks in Indonesia for the period 2020 - 2022, the results of the Altman Z-Score calculation show that Islamic commercial banks in Indonesia are financially healthy. This indicates the effectiveness of Islamic bbanks'business strategies, especially in facing the Covid-19 pandemic. The results of the Beneish M-Score calculation prove that Islamic banks are not included in the manipulator category. The Pearson Correlation Coefficient shows that there is no significant relationship between financial distress and financial statement manipulation at Islamic Commercial Banks in Indonesia. The tight supervision by regulators closes the opportunity for manipulation of financial statements. In addition, the characteristics of Islamic banks that are dominated by funds from retail customers can explain the insignificance of the relationship between financial distress and financial statement manipulation.]]>
