Sinta Aryani

Telkom University, School of System and Industrial Engineering, Faculty Member

Institut Teknologi Bandung, School of Business and Managment, Graduate Student

Followers

Following

Public Views

Doctor of Investment Portfolio Strategy from School of Business and Management, Bandung Institute of Technology

less

Interests

Uploads

Papers by Sinta Aryani

How the Momentum Exist? The Case of Indonesian Stock Market

International Journal of Monetary Economics and Finance, 2019

Analisis Kelayakan Pembukaan Toko Online Kaos Karoseri

Tren dunia dalam saluran belanja saat ini mengarah kepada sistem belanja secara online dan mengge... more Tren dunia dalam saluran belanja saat ini mengarah kepada sistem belanja secara online dan menggeser sistem belanja konvesionial meskipun belanja secara konvesional belum ditinggalkan sepenuhnya. Fenomena belanja online tidak hanya berkembang pesat di dunia, namun juga di kalangan bisnis lokal Indonesia. Hal ini disebabkan oleh perkembangan infrastruktur dan teknologi internet di Indonesia. Produk paling banyak dibeli pelanggan saat belanja online adalah produk fesyen, mendominasi dengan persentase 78% dengan jumlah koresponden 1300 di 12 kota besar. Handphone merupakan salah satu produk yang dibeli saat belanja online dengan persentase 46%. Melihat peluang tersebut, Karoseri tercetus sebagai ide bisnis fesyen berplatform online. Karoseri memiliki produk utama yaitu kaos dan variansi produk yaitu topi. Platform online yang digunakan sebagai media penjualan adalah media sosial (instagram). Setelah dilakukan penelitian terhadap analisis kelayakan toko online kaos karoseri. Diperoleh b...

Download

The Effect of Leverage in Asset Pricing, an Empirical Study of Indonesian Market

Capital Markets: Asset Pricing & Valuation eJournal, 2019

Background – The based model of asset pricing, CAPM, only considers the surrounding factors of th... more Background – The based model of asset pricing, CAPM, only considers the surrounding factors of the asset. It omits the internal factors of the asset itself. Some scholars only consider the one factor which contributes to the asset pricing; it could be the Size or Earning Price Ratio or Leverage or other financial factors. Empirically, the asset pricing model combines the financial factors into the asset pricing and it has not considered the leverage as one of the financial factors all together.<br><br>Purpose – The study adds the leverage into empirical model of asset pricing together with other financial factors i.e. Size, Book to Market, Operating Profit, and Investment. The excess return is considered as a proxy of asset pricing and its value will be assessed by all the factors proxied in the model.<br><br>Design/Method/Approach – Data used in this study is monthly adjusted prices and other financial factors of all stock listed in the Indonesian Market fro...

Global competition strategies for Indonesian SMEs

International Journal of Entrepreneurial Venturing

Given the limitations of SMEs and the rigid requirements of financial institutions, this paper ev... more Given the limitations of SMEs and the rigid requirements of financial institutions, this paper evaluates the bridge which connects those ends. The purpose of the paper is to find smooth connections between SMEs and financial institutions in order to enhance the quality credits given to SMEs. The literature came from qualified international academic journals and papers, reports from prominent global institutions, and reports from the Indonesian government which are related to their policies towards SMEs and financial institutions. Comparisons were made among countries around the world regarding the policies applied to their SMEs and financial institutions. This paper looks specifically at the global challenges related to Indonesian SMEs to reach sustainable growth. Collaborations between the government, financial institutions, and SMEs are needed. The roles of financial inclusion, financial literacy, innovation lending, and the government are important measures to support SMEs' developments.

Strategy for Indonesian SMEs in Competing Globally

International Journal of Entrepreneurial Venturing

Download

Analisis Kelayakan Pembukaan Cabang Baru Bisnis Usaha Kecil Menengah Peyek Belut Sido Urip Secara Online Dan Offline DI Kota Yogyakarta

UKM Sido Urip merupakan pelopor berdirinya sentra produksi keripik peyek belut di kecamatan Godea... more UKM Sido Urip merupakan pelopor berdirinya sentra produksi keripik peyek belut di kecamatan Godean yang terletak di kota Sleman, Daerah Istimewa Yogyakarta. Berdiri sejak tahun 2012, UKM Sido Urip berhasil meraih reputasi dan mulai dikenal masyarakat luas. Dikenalnya UKM Sido Urip oleh berbagai kalangan bukan berarti dalam periode berjalannya usaha, mereka tidak mengalami masalah. Semakin meningkatnya demand dari tahun ke tahun dan terbatasnya kapasitas maksimal produksi dari pihak UKM Sido Urip sendiri, menyebabkan pihaknya untuk menolak kelebihan demand, khususnya pada hari hari besar dimana permintaan akan produk keripik peyek belut dapat meningkat lebih dari 2x lipat. Oleh karena itu, pihak UKM Sido Urip merencanakan pendirian cabang baru dengan fungsi utama untuk menambah produktivitas, disamping mengembangkan sarana pemasaran yaitu dengan merambah on line marketing. Dalam upaya pendirian cabang baru, dilakukan studi penelitian untuk memastikan bahwa ekspansi bisnis tersebut la...

Download

THE EFFECT OF LEVERAGE IN ASSET PRICING, AN EMPIRICAL STUDY OF INDONESIAN MARKET

Background -The based model of asset pricing, CAPM, only considers the surrounding factors of the... more Background -The based model of asset pricing, CAPM, only considers the surrounding factors of the asset. It omits the internal factors of the asset itself. Some scholars only consider the one factor which contributes to the asset pricing; it could be the Size or Earning Price Ratio or Leverage or other financial factors. Empirically, the asset pricing model combines the financial factors into the asset pricing and it has not considered the leverage as one of the financial factors all together.

Download

THE EFFECT OF LEVERAGE IN ASSET PRICING, AN EMPIRICAL STUDY OF INDONESIAN MARKET

Download

How does momentum exist? The case of the Indonesian stock market

International Journal of Monetary Economics and Finance, 2018

The study of the Carhart model of market return, the value of the firm, market capitalisation, an... more The study of the Carhart model of market return, the value of the firm, market capitalisation, and momentum is interested because every market has its own characteristics. Since this model only represents the fundamental of the firms, the macroeconomic conditions should be investigated. This study investigates the effects of the macroeconomic in the Carhart model. In addition to the fundamental factors i.e., market return, the value of the firm, market capitalisation, and momentum, the study further investigates the effects of export, import, and exchange rate in the model. The model uses different holding periods and different economic conditions. The finding of this study is that momentum does exist in the Indonesian market, however, in very limited condition i.e., in crisis and normal economic conditions of Indonesia. Momentum does not show in the uptrend economic condition. More interestingly, in overall economic conditions during the observation, momentum does exist.

Download

THE RELATIONSHIP OF FINANCIAL FACTORS IN ASSET PRICING: THE CASE OF INDONESIAN MARKET

Humanities & Social Sciences Reviews, 2019

Purpose of the study: The study shows how the financial factor of Leverage affects the empirical ... more Purpose of the study: The study shows how the financial factor of Leverage affects the empirical model of asset pricing together with other financial factors, i.e. Size, Book to Market, Operating Profit, and Investment. The contribution of Leverage in asset pricing will be tested, and its effect will be shown in the excess return of the asset. Methodology: The methodology used in this paper is based on the Fama and French model of asset pricing with additional factors added in the model. Data processing follows the Fama-Mc Beth procedure. Data comes from the Indonesian Stock Market, which consists of more than 500 stocks for ten years period of observation. Main Findings: The financial factor of Leverage affects the empirical model of asset pricing together with, i.e. Size, Book to Market, Operating Profit, and Investment. All the financial factors in the model are stationary around their mean, or they are non-stationary due to unit-roots. All the independents' variables have P-Value less than 10%. Implications: This study will be useful for financial investors in building an effective portfolio stock investment. By applying this model to their portfolio investment, the investors could effectively manage their portfolio return. On the management side, managing their financing structure, e.g. Leverage is the objective of the firm to maximize returns of the firms. Novelty/Originality of this study: The empirical research with the involvement of the financial factor of Leverage has not been performed in Indonesia. The Leverage as the single factor of asset pricing has been considered as a significant financial factor for asset pricing, however, how the Leverage contributes to asset pricing compares to other financial factors has not examined yet.

Download

Sinta Aryani

Uploads

Papers by Sinta Aryani

Log In