Rescollacomm (E-Journals)
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Volatility Spillover between the IDR-USD Exchange Rate and Sectoral Stock Indices using EGARCH Model
Full text linkThe exchange rate is an important indicator in an open economy such as Indonesia, where fluctuations in currency values, particularly the USD against the IDR, have a significant impact on the Indonesian financial market. Sectoral stock indices, as one of the components of the financial market, reflect the specific financial conditions of each sector in Indonesia. The USD, as the dominant global currency, influences various sectors, especially those related to foreign exchange transactions. The relationship between exchange rates and sectoral stock indices may indicate interdependence in volatility or the presence of volatility spillover effects. Therefore, this study aims to identify the presence of volatility spillover between the IDR-USD exchange rate and three sectoral stock indices in Indonesia, namely the financial sector (JKFINANCE), the energy sector (JKENERGY), and the infrastructure sector (JKINFRA). The Exponential Generalized Autoregressive Conditional Heteroscedasticity (EGARCH) model is used to capture asymmetric volatility. Based on the estimation results, the best-fitting EGARCH models are EGARCH(2,3) for the IDR-USD exchange rate, EGARCH(3,1) for the financial sector, EGARCH(2,4) for the energy sector, and EGARCH(2,5) for the infrastructure sector. The γ parameters from these models indicate that bad news increases volatility in the exchange rate, financial sector, and energy sector, while good news has a greater impact on volatility in the infrastructure sector. Furthermore, Granger Causality tests on the residuals of the EGARCH models reveal the existence of volatility spillovers between the IDR-USD exchange rate and the financial, energy, and infrastructure sector
Descriptive Analysis of Social Media Usage and Gender in Generation Z Investment Interest in Sukabumi
Full text linkThis study aims to provide a descriptive overview of social media usage patterns, gender differences, and tendencies in investment interest among young generations. The research employs a descriptive quantitative method involving 100 respondents who completed an online questionnaire. The research instrument consists of closed-ended Likert-scale questions and open-ended questions analyzed using thematic analysis. The results indicate that the majority of respondents show a positive tendency toward investment, as reflected by the high percentage of agreement and strong agreement with statements related to investment interest. Social media, particularly TikTok and Instagram, appears to play a significant role as an information source that facilitates access and stimulates initial interest in investment. Descriptively, female respondents tend to demonstrate more cautious behavior and a long-term orientation, while male respondents are more likely to exhibit confidence and a greater willingness to take risks. The thematic analysis of open-ended responses reveals that the primary motivations for investing focus on future planning, financial stability, and profit opportunities. Overall, this study provides a comprehensive picture of investment interest and behavior patterns based on social media characteristics and gender. These findings may serve as a foundation for further associative or inferential research
Estimation of an Optimal Portfolio Using the Constant Correlation Model: An Empirical Study on IDX Bisnis-27 Stocks
Full text linkPortfolio optimization is an essential aspect of investment decision-making, as investors aim to achieve an optimal trade-off between expected return and risk. However, the traditional Markowitz portfolio model requires the estimation of a large variance–covariance matrix, which becomes computationally complex as the number of assets increases. To address this limitation, this study applies the Constant Correlation Model (CCM), which simplifies portfolio construction by assuming a constant correlation among asset returns. This study aims to estimate an optimal stock portfolio using the CCM approach based on stocks included in the IDX Bisnis-27 index, representing companies with strong business fundamentals listed on the Indonesia Stock Exchange. The data consist of daily closing prices of 28 stocks for the period from January to December 2023. The analysis involves calculating stock returns, expected returns, standard deviations, Excess Return to Standard Deviation (ERS), constant correlation, and the cut-off rate (C*). The results show that the average constant correlation among the selected stocks indicates a moderate level of interdependence, suggesting that diversification benefits still exist. Based on the CCM selection criteria, only one stock, ANTM, has an ERS value exceeding the cut-off rate and is therefore included in the optimal portfolio with a weight of 100%. These findings indicate that ANTM exhibits the strongest risk-adjusted performance among IDX Bisnis-27 stocks during the observation period. This study provides practical insights for investors in constructing optimal portfolios using simplified correlation assumptions in emerging markets
Analysis of Bankruptcy Potential in Food and Beverage Companies Using the Altman Z-Score Due to Boycotts
No full textThe food and beverage (F&B) industry plays an important role in the global economy, but it is highly vulnerable to geopolitical turmoil, such as boycotts arising from the Israel-Palestine conflict in the period 2023–2024. This study aims to analyze the risk of bankruptcy in multinational F&B companies affected by boycotts using a modified Altman Z-Score method, which is known to be effective in evaluating financial conditions through four key financial ratios. The data used is secondary data sourced from the annual reports of McDonald\u27s, Starbucks, and Wendy\u27s during the 2021–2024 period, covering the situation before and during the boycott. The results of the analysis show that McDonald\u27s remains in the safe zone, Starbucks is classified in the danger zone, while Wendy\u27s shows an increase from the danger zone to the grey zone. These findings indicate that the impact of boycotts on financial performance is not always significant globally because companies can adapt through efficiency strategies and financial restructuring. Overall, this study proves that the Altman Z-Score is an effective tool for predicting and assessing the financial resilience of F&B companies against external pressures such as geopolitical boycotts
The Role of Value Creation Innovation in Mediating the Relationship Between Digital Transformation, Strategic Agility, and Organizational Performance
Full text linkThe objectives of this study are to examine the mediating role of value creation innovation in the relationship between organizational performance and the independent variables digital transformation and strategic agility. This study employs a quantitative research method with a nonprobability sampling approach and purposive sampling technique, targeting first-level and middle-level managers as the unit of analysis. The final sample consists of 156 respondents with data collected cross-sectionally. The collected data were analyzed using SmartPLS version 4. The results indicate that value creation innovation plays a full mediating role in the relationship between digital transformation and strategic agility on organizational performance, as the estimated mediation effect is greater than the direct effect. Theoretical implications of this research highlight that incorporating value creation innovation as a mediating variable strengthens the impact of digital transformation and strategic agility on organizational performance. The limitations of this study are that the respondents are only companies in bonded zones whose numbers are limited, with variables and research methods that are still limited. Future research should consider expanding the sample to include companies beyond bonded zones, integrating additional exogenous variables into the research model, and employing qualitative or mixed methods approaches to gain deeper insights
The Impact of the Digital Economy on Employment and Workforce Structure in Indonesia
Full text linkThis study examines the impact of the digital economy on employment and workforce structure in Indonesia. The digital economy in Indonesia is growing rapidly, driven by e-commerce, digital financial services, app-based transportation, and artificial intelligence-based technology, with a projected contribution of more than USD 130 billion by 2025. Using a mixed-method approach, this study analyzed data from 200 respondents consisting of workers in the digital economy sector and traditional sectors affected by digitalization, as well as in-depth interviews with 15 representatives of workers, business actors, and policy makers. The results showed that 68% of respondents considered the digital economy to increase job opportunities, although 40% of respondents admitted that digitalization also caused job losses in certain sectors. Changes in the workforce structure are seen in the increasing need for technology skills (45%), digital marketing (35%), and digital business management (30%). The main challenges faced by workers include lack of digital skills (50%), uncertain income (40%), and lack of social security (35%). This study recommends strengthening digital skills training programs through collaboration between the government and the private sector, developing regulations for protecting digital workers, and increasing financial inclusion for digital economy workers. This study contributes to a more comprehensive understanding of workforce transformation in the digital era and provides strategic input for policymakers in managing the workforce transition towards an inclusive and sustainable digital economy
The Effect of Current Ratio, Debt to Equity Ratio on Return On Assets Case Study of Pt.Tiga Pilar Sejahtera Food Tbk Period 2016-2024
Full text linkPT Tiga Pilar Sejahtera Food Tbk (AISA) is facing financial challenges that affect its performance, including a decline in ROA. This study aims to investigate and assess the impact of the relationship between short-term liquidity ratio (CR) and debt to equity ratio (DER) on the rate of return on assets (ROA) at PT Tiga Pilar Sejahtera Food Tok from 2016 to 2024. The methodology in this research is a quantitative approach that applies various statistical analysis techniques, such as descriptive statistics, single linear regression, multiple linear regression, t-test, and F-test. The data source used in this research is the company\u27s official financial documents, which are accessed through the website www.idx.co.id,i with an observation period of 9 years which resulted in 35 data. The main data source is the company\u27s financial position report and income statement for the period. The results identified that CR has a considerable influence on ROA, while DER has no significant influence. When analyzed simultaneously, neither CR nor DER has a significant influence on ROA
The Effect of Digital Literacy, Soft Skills, and Learning Motivation on Student Learning Achievement
Full text linkThis study aims to analyze the effect of digital literacy, soft skills, and learning motivation on students\u27 academic achievement at private universities in Cirebon. The approach used in this study is a quantitative method. The research locations include several private universities in Cirebon. The research population was all students of the Faculty of Economics in the 2024-2025 academic year. The sample used was 100 students, selected through a stratified random sampling technique proportionally to obtain a balanced representation. Determination of the sample size was carried out using the Slovin formula. Data were collected by distributing a 1-5 Likert scale questionnaire using Google Form. Data analysis was carried out using IBM SPSS Statistic 26.0 software through classical assumption tests such as normality and multicollinearity tests, multiple linear regression tests, and coefficient of determination tests. The results of the multiple linear regression analysis on the t-test showed that digital literacy had a positive and significant effect on learning achievement with evidence of 3.185 > 1.984; soft skills have a positive and significant effect with a value of 4.145 > 1.984; and learning motivation does not have a positive and significant effect on learning achievement as evidenced by a value of 1.266 < 1.984. Based on these results, it can be concluded that digital literacy and soft skills have a positive and significant effect on student learning achievement at private universities in Cirebon. While learning motivation does not have a positive and significant effect on student learning achievement at private universities in Cirebon
Shopee as a Marketing Media: User Generated Content, Brand Trust, and Perceived Usefulness on Azarine Skincare Purchasing Decision
Full text linkConsidering the overclaim issue in the skincare sector, this study intends to assess, on the Shopee e-commerce platform, the influence of User Generated Content (UGC), Brand Trust, and Perceived Usefulness on purchasing decisions for Azaline skincare products. The context of this study is based on the fast expansion of e-commerce in Indonesia, the great popularity of skincare goods on Shopee, and the issue of overclaim that can influence consumer confidence. The literature study covers the ideas of UGC, Brand Trust, Perceived Usefulness, and Purchase Decisions together with their dimensions and signs. Data will be gathered in this quantitative study using a survey technique from customers who have bought Azarine goods on Shopee by means of questionnaires As well as to investigate the possible moderation or mediation effects of the overclaim phenomenon, multiple regression analysis will be used to evaluate the hypothesis about the influence of UGC, Brand Trust, and Perceived Usefulness on Purchase Decisions. By tackling the issue of overclaim, it is believed that the findings of this study would shed light on skincare companies in developing successful marketing plans and raising consumer confidence in the digital era
Analysis of Sustainability of Shallot Farming in Pabedilan District, Cirebon Regency
Full text linkThis study aims to analyze the level of sustainability of shallot farming in Pabedilan District, Cirebon Regency, based on three main dimensions, namely economic, social, and environmental. Shallots are a superior horticultural commodity that contributes significantly to farmers\u27 income, but their sustainability faces various challenges. The method used in this study is composite index analysis, with 30 respondents selected purposively. The results of the study indicate that the economic dimension is in the fairly sustainable category, the social dimension is in the sustainable category, and the environmental dimension is still at a less sustainable level. Factors that influence sustainability include limited access to capital, lack of diversification of information sources, and the use of chemical agricultural inputs which is still high. Therefore, it is necessary to strengthen the capacity of farmers through continuous training and facilitation of access to environmentally friendly technology to improve the sustainability of shallot farming as a whole