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INDONESIA
Eduvest - Journal of Universal Studies
Published by Green Publisher Indonesia
ISSN : 27753735     EISSN : 27753727     DOI : 10.36418
Core Subject : Health, Science, Social, Engineering,
Aerospace Engineering Computer Science & IT Health Professions Neuroscience Social Sciences
Eduvest - Journal of Universal Studies is a double blind peer-reviewed academic journal and open access to multidiciplinary fields. The journal is published monthly by Green Publisher Indonesia. Eduvest - Journal of Universal Studies provides a means for sustained discussion of relevant issues that fall within the focus and scopes of the journal which can be examined empirically. This journal publishes research articles multidisciplinary sciences, which includes: Humanities and social sciences, contemporary political science, Educational sciences, religious sciences and philosophy, economics, Engineering sciences, Health sciences, medical sciences, design arts sciences and media. Published articles are from critical and comprehensive research, studies or scientific studies on important and current issues or reviews of scientific books.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 2,419 Documents
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Risk Analysis in Manual Financial Processes at PT XYZ Using the Fmea (Failure Mode Effect Analysis) Method Pratama, Annisa Putri; Chumaidiyah, Endang
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51296

Abstract

Manual financial processes in an organization often pose various operational risks, such as delays in recording, duplication of data, and input errors, especially in administrative systems that have not been digitized. This study aims to analyze potential failures and prioritize risks in the financial recording and collection process at PT XYZ using the Failure Mode and Effect Analysis (FMEA) method. The research is carried out by identifying the main activities, formulating potential failures, and providing an assessment of the severity, occurrence, and detection capabilities of each potential failure. The Risk Priority Number (RPN) value is calculated to determine the risk priority. The results showed that out of the eight main activities, 32 potential failures were found with RPN values varying between 72 to 315. Some activities, such as data transfer between sheets, manual financial record-keeping, and monthly arrears checks, have the highest risk. These findings confirm the need for digitization and system improvement as a risk mitigation strategy in manual financial processes.
Optimization of Bond Portfolio Using Risk Parity Analysis: Case Study on USD-Denominated Bonds Portfolio Hidayat, Reza; Pria Anas, Eka
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51299

Abstract

This study examines the performance of the risk parity approach in optimizing USD-denominated fixed income portfolios, particularly for institutional investors such as central banks. The research addresses limitations in the traditional Mean-Variance Optimization (MVO) method, which is highly sensitive to input data and prone to concentration risk. Risk parity, also known as Equally Weighted Risk Contribution (ERC), distributes risk evenly across assets without relying on expected return estimates, enhancing portfolio diversification. Using empirical data from 2014 to 2023, the study calculates risk contributions, constructs a covariance matrix, optimizes portfolio weights, and evaluates performance through the Sharpe ratio. The empirical findings reveal that although the MVO model achieved a slightly higher overall Sharpe ratio, the Risk Parity approach demonstrated superior stability and resilience across different market conditions, particularly during periods of high volatility such as the COVID-19 pandemic and post-pandemic financial tightening. These results suggest that Risk Parity, by emphasizing risk diversification over return forecasting, enhances portfolio robustness, making it an attractive strategy for conservative institutional investors focused on stability and capital preservation. The study highlights that portfolio optimization performance is context-dependent, with Risk Parity offering better protection in turbulent conditions, thereby supporting its broader adoption for risk-averse institutions in an increasingly uncertain global financial environment.
Analysis of The Volatility and Asymmetric Stocks Information in The Energy Sector on The Indonesia Stock Exchange 2021-2024 Kusmini, Tuti; Wibowo, Buddi
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51300

Abstract

Introduction/Main Objectives: This paper examines the relationship between market uncertainty and asymmetric information in the Indonesian energy sector from 2021 to 2024, using the World Uncertainty Index (WUI) as a measure of global economic and political uncertainty. Background Problems: The study is driven by heightened uncertainty due to major global events such as the COVID-19 pandemic and the Russia-Ukraine conflict, which have introduced significant volatility into the market. Novelty: This research uniquely focuses on the Indonesian energy sector, an underexplored area in global finance, and uses the World Uncertainty Index (WUI) to link global uncertainties with the performance of Indonesia's developing energy market. Research Methods: Employing a regression model, the study investigates the causal relationship between stock market volatility and asymmetric information. Results: The findings reveal that increased volatility negatively impacts market efficiency, indicating that uncertainty and information gaps hinder the market’s ability to fully reflect available information. Conclusion: the study highlights the significant impact of market uncertainty and asymmetric information on stock market volatility and efficiency in Indonesia’s energy sector, offering valuable insights for improving investment strategies and policy formulation in a volatile global environment
Fundamental Financial Performance Analysis and Stock Valuation of PT DCI Indonesia TBK at Year 2024 Hermawan, Mega; Noveria, Ana
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51308

Abstract

Indonesia’s accelerating digital transformation has boosted demand for data center services, positioning PT DCI Indonesia Tbk (DCII) as a key player. Since its IPO in 2021, DCII’s stock surged to IDR 42,100 by end-2024, raising concerns about whether this valuation reflects financial fundamentals or speculative sentiment. This study evaluates DCII’s intrinsic value using financial ratio analysis and valuation models. Financial performance shows strong profitability and revenue growth, yet liquidity weaknesses and longer collection periods signal emerging risks. A multi-stage Discounted Cash Flow (DCF) model projects free cash flow over 15 years, with a terminal growth rate of 4% and WACC of 12.85%, yielding a fair value of IDR 18,529 per share less than half of its market price. Comparable Company Analysis (CCA) further reveals that DCII trades at a significant premium across EV/EBITDA and P/E multiples. Sensitivity tests confirm intrinsic values consistently below market levels, suggesting investor expectations exceed fundamentals. The study recommends a 1:3 stock split with insider lock-up, quarterly investor bulletins, and working capital optimization to reduce mispricing and strengthen sustainability. Future research may extend to Southeast Asian peers and incorporate ESG and customer concentration factors.
Proposed Process Changes In Product Development Process At Pharmaceutical Company Yanti, Mulyani Dwi; Aldianto, Leo
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51313

Abstract

This study investigates operational pain points and inefficiencies along to identify process-related changes within the current product development process of a pharmaceutical company, Imedco Djaja. The cycle of development new pharmaceutical products starting from formulation to registration until the product launched into the market, follows a linear and sequential process but suffered to adapt in delivering innovative, high-quality products while competing in time-to-market arrival and reducing intensive development costs. As the landscape demands evolves and the market pressure keep increasing, these business issues create both strategic and financial risks. The research applies Design Thinking as diagnostic tools, particularly Emphasize and Define to focus on problem identification and capture both the pain points and human-centric solutions. Furthermore, the study delves deeper in identifying the root causes of the deliverable delays and rising cost, which sometimes not only underlie on the technical failures, but hidden organizational barriers. The findings derived from both the semi-structured interview with internal cross-functional key stakeholders involved in product development process at Imedco Djaja exposed key issues such as how teams plan, misalignment in communicate between managerial and operations, overlapping and unclear roles, with low sense of the belonging over the projects. These insights examined using Directed Content Analysis (DCA), Thematic Analysis (TA), and Failure Mode and Effects Analysis (FMEA) to identify and prioritize most critical bottlenecks then address user-centric needs in providing potential process improvement.
Developer Perception and Interest in Solar Power Plant Investment: Case Study To Encourage Clean Energy Investment Irwansyah, Muh Zuhdi; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51319

Abstract

Despite Indonesia’s vast solar energy potential and supportive regulatory frameworks, private sector investment in solar power plants remains limited. This study aims to explore developer perceptions and investment interest in the solar power plant sector and identify key factors influencing their decision-making. Employing a qualitative case study approach, data were collected through in-depth interviews with developers experienced in both fossil-based and renewable energy projects. Thematic analysis reveals that consistent regulation, revenue certainty through Power Purchase Agreements (PPAs), and land availability are critical drivers of investment interest. Additionally, perceived regulatory risks, cost of capital, and local policy requirements such as domestic content obligations shape developers’ strategies toward solar project participation. This study contributes to the literature by offering developer-centered insights on investment behavior in emerging renewable markets.
Concentrated Ownership of Indonesian Listed Companies as a Determinant of Stock Price Crash Risk Tamala, Putri; Lubis, Arief Wibisono
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51322

Abstract

This study examines the relationship between ownership concentration and stock price crash risk in Indonesian publicly listed companies. In emerging markets like Indonesia, ownership is often concentrated in the hands of a few major shareholders, raising questions about information asymmetry and governance vulnerabilities. Using panel data from non-financial firms listed on the Indonesia Stock Exchange between 2014 and 2023, this study applies a quantitative approach with crash risk proxied by negative coefficient skewness (NCSKEW) and down-to-up volatility (DUVOL). Ownership concentration is measured as the combined shareholding of the top three shareholders in each firm. The results show that ownership concentration has a consistently positive but statistically insignificant relationship with stock price crash risk. These findings suggest that concentrated ownership, while prevalent in Indonesia, does not necessarily lead to greater downside risk. Instead, firm-specific characteristics such as profitability, liquidity, maturity, and external factors like the COVID-19 crisis may play a more decisive role. This study contributes to the growing literature on corporate governance in emerging markets by challenging commonly held assumptions about the risk implications of blockholder control.
Proposed Marketing Strategy for Independent Music Project: A Case Study of Dua Mata Pisau Putra Riyadi, Atarrahim Iqbal
Eduvest - Journal of Universal Studies Vol. 5 No. 10 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i10.51330

Abstract

Dua Mata Pisau is a new independent music project from Jakarta, Indonesia, currently preparing for its first music release. The rapid growth of the music industry in the digital era presents both opportunities and challenges for independent musicians. Digitalization enables easier distribution of music through digital streaming platforms (DSPs) such as Spotify, Apple Music, and YouTube Music. However, this also increases competition, making it difficult for new musicians to gain visibility and effectively monetize their work. This study aims to assist Dua Mata Pisau in determining an appropriate marketing strategy by exploring audience-based market segmentation, identifying the most attractive target segment, and developing a positioning strategy aligned with its resources and competencies. The research utilized data and insights from key industry stakeholders—such as music producers, artist managers, and label representatives—supported by secondary data, including music consumption trends, streaming platform reports, and industry analyses. Through segmentation analysis, three primary segments were identified: Diehard Fans, Functional Users, and Aspirational Learners. By applying frameworks such as segment attractiveness assessment, market access evaluation, and value proposition analysis, the study concludes that Dua Mata Pisau should adopt a multi-segment targeting strategy. This strategy involves tailored offerings for each segment, leveraging the project's unique resources and capabilities. The strategic implementation culminates in the planned release of Dua Mata Pisau’s debut single in June 2026. The findings provide actionable insights for independent musicians seeking to professionalize their marketing approach while contributing to the academic discourse on strategic marketing in the creative industry.
Reducing Inefficiency in the Pharmaceutical Industry: a Case Study of Lean Manufacturing Implementation in a Pharmaceutical Industry Sucipta, Hardiansyah; Kusumastuti, Ratih Dyah
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51340

Abstract

The pharmaceutical industry in Indonesia has grown significantly, accounting for 27.8% of the ASEAN market share. However, despite this growth, the sector faces challenges, including intense competition, complex supply chain dynamics, and inefficiencies in production processes. This research investigates the factors contributing to the production decline and identifies non-value-added activities in the Vitamin C production line using Value Stream Mapping. The study applies Lean Manufacturing principles, supported by Root Cause Analysis, to propose improvement strategies that enhance line utilization and reduce waste. Data were collected through observation and interviews leading to the development of current and future state process models. The findings reveal that ineffective scheduling, prolonged changeover times, and labour-intensive documentation significantly reduce production efficiency. To address these issues, the study recommends the implementation of rapid testing technologies, electronic batch records, and a Laboratory Information Management System. These interventions are expected to result a 62.7% reduction in lead time and a 176% increase in production capacity. Financial analysis indicates strong economic feasibility, with a positive net present value and short payback period. This study concludes that Lean Manufacturing tools, when tailored to pharmaceutical operations, can drive substantial improvements in productivity, process flow, and operational resilience.
Impact of Full Periodic Call Auction on Stock Volatility and Liquidity in Watchlist Board of Indonesia Stock Exchange Pasaribu, Maria Christina; Wibowo , Buddi
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51341

Abstract

Indonesia Stock Exchange (IDX) has implemented a Full Periodic Call Auction (FCA) mechanism for stocks listed under the Watchlist Board on March 25, 2024 to enhance market quality and investor protection. This study investigates the impact of FCA mechanism on stock volatility and liquidity in the Indonesian capital market, particularly for equities listed on the Watchlist Board of IDX. Using a time-series regression framework and robust event study design, this research analyzes 40 stocks over a 12-month period surrounding the implementation of FCA on March 25, 2024. Volatility is measured using the Parkinson Volatility model, while liquidity is assessed using the Amihud Illiquidity Ratio. The results reveal that 80% of the sample experienced statistically significant changes in volatility, with 81.4% showing increased volatility, especially among low-priced stocks (< IDR 51). This supports the Thin Market Hypothesis and Market Microstructure Theory, suggesting that auction mechanisms can amplify price reactions in illiquid environments. Meanwhile, 55% of stocks showed significant changes in illiquidity, with 95.5% experiencing increased illiquidity, indicating that FCA may have inadvertently reduced market efficiency by limiting order flexibility and increasing execution risk under a blind order book. Aggregate testing confirms that FCA significantly increased volatility and weakened liquidity across the sample. These findings indicate that while FCA reactivated previously dormant stocks and facilitated price discovery in certain contexts, its effects are not uniformly beneficial. The outcomes vary depending on stock classification, with distress-level (Criteria 5) stocks showing volatility suppression, and low-price, low-liquidity stocks (Criteria 1) facing heightened trading frictions.

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