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This study aims to develop a strategic plan for Information Systems and Information Technology (IS/IT) at KR Hotel Palembang by applying the Ward and Peppard methodology. The analysis began with external environment assessment using the PEST framework and internal analysis through the MOST method and Value Chain model. The results were synthesized into a SWOT analysis to identify the organization's strengths, weaknesses, opportunities, and threats. From this, Critical Success Factors (CSF) were formulated to guide the determination of key information system needs. Application portfolio mapping was then conducted using the McFarlan Strategic Grid to classify systems based on their strategic impact. Findings indicate that KR Hotel has strong potential in leveraging digital technologies but faces challenges such as the absence of integrated systems across departments and limited IT training for staff. To address these issues, an integrated system named ZKBiolock was proposed, encompassing modules such as hotel management, financial management, customer relationship management (CRM), human resource training systems, digital promotion, and internal network monitoring and control. This strategic plan is supported by a comprehensive database design, network topology, human resource and infrastructure analysis, investment budgeting, and Return on Investment (ROI) evaluation. The proposed strategy aims to enhance the efficiency and effectiveness of the hotel's operational management.

This study aims to analyze the effect of global diversification, exchange rates, and interest rates on the performance of mixed mutual funds in Indonesia during the period 2020–2024. The method used is a quantitative approach with the Partial Least Squares–Structural Equation Modeling (PLS-SEM) technique, using secondary data from the Financial Services Authority, Bank Indonesia, and Bareksa. The sample consists of three mixed mutual fund products that meet the criteria of portfolio data completeness, net asset value, and performance report publication. The results show that exchange rates have a positive and significant effect on mutual fund performance, indicating that exchange rate fluctuations play an important role in determining changes in portfolio returns. The global diversification variable proved to have no significant effect, illustrating that exposure to international markets has not provided stable benefits in improving the performance of mixed mutual funds. Interest rates also did not show a significant effect because the composition of mixed portfolios was able to withstand the impact of monetary policy changes. Simultaneously, the three independent variables were able to explain 66.7 percent of the variation in mixed mutual fund performance, indicating that macroeconomic dynamics and portfolio strategies have an important contribution in influencing the performance of this collective investment instrument.

This study applies the Mean Variance model, which aims to form an optimal portfolio composition in the health, property, and cyclical consumer sectors and combine the three sectors into one portfolio, then visualize its efficient frontier. This study analyzes the return profiles and compares the risks of each portfolio using alternative risk measures such as the Coefficient of Variation (CV), Value at Risk (VaR), and Conditional Value at Risk (CVaR). Daily closing price data for the three sectors listed on the Indonesia Stock Exchange (IDX) from March 2, 2020, to March 3, 2025, were used in this study. Stock selection was conducted using purposive sampling, followed by selecting seven stocks for optimization based on the lowest Coefficient of Variation (CV) value. Portfolio optimization analysis was conducted using the Python programming language with Visual Studio Code software. The findings of this study indicate that the combined portfolio incorporating the three sectors is the most efficient, with an expected return of 0.104%, standard deviation of 0.007, and alternative risk measures such as Coefficient of Variation (CV) 6.9328, Value at Risk (VaR) of -0.99%, and Conditional Value at Risk (CVaR) of -1.44%, which are lower than those of single-sector portfolios. Visualization of the efficient frontier curve confirms that the combined portfolio offers better results in terms of risk and return. The results of this study indicate that cross-sector diversification can significantly reduce risk and prevent significant losses.

This study examines the comparative volatility of gold and Bitcoin over the period January 2020 to August 2025, using monthly data and employing descriptive statistics, the Augmented Dickey-Fuller (ADF) test, GARCH (1,1), and the Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model estimated with EViews 13. The results show that Bitcoin is characterized by extreme and persistent volatility, reflecting its speculative nature, whereas gold remains stable and functions as a conventional safe-haven asset. Correlation analysis indicates that the relationship between gold and Bitcoin is generally weak but dynamic, as the strength and direction of their co-movements change across different market conditions. These findings highlight the potential role of gold as a hedge and Bitcoin as a speculative diversifier, offering insights for portfolio diversification and risk management. These results also suggest that investors should carefully consider their risk tolerance and investment horizon when allocating assets between traditional and digital commodities.

Indonesia’s Islamic capital market has experienced remarkable growth in recent years, evidenced by the increasing number of investors and the rising market capitalization of Sharia-compliant stocks. This article aims to analyze the performance and management strategies of Sharia stock portfolios by reviewing academic literature published in Indonesia between 2019 and 2024. Utilizing a literature review methodology, the study compares the return and risk characteristics of Sharia stocks with those of conventional stocks. It also evaluates the applicability and effectiveness of classical portfolio theories—namely, the Markowitz Model and the Single Index Model—in managing Sharia-compliant investments. The findings reveal that Sharia stock portfolios often perform competitively and tend to exhibit greater resilience and stability during financial crises. This resilience is attributed in part to the rigorous stock screening mechanisms that comply with Islamic principles, excluding sectors and companies that do not meet Sharia criteria. Additionally, various macroeconomic factors such as inflation, interest rates, exchange rates, and global economic fluctuations are found to impact the performance of Islamic stock portfolios. The article highlights that while Sharia investments align with ethical and religious values, they also offer practical advantages in risk management and diversification. Furthermore, digital technology and fintech innovation are seen as essential tools to enhance transparency, accessibility, and investor engagement in the Islamic capital market. The study concludes that the development of Sharia-compliant stock investments in Indonesia holds promising potential, especially if accompanied by improved financial literacy, inclusive investor education, and stronger technological infrastructure. This paper offers valuable insights for policymakers, market regulators, and investors interested in promoting sustainable and faith-based financial practices within Indonesia’s rapidly evolving capital market ecosystem.

This study investigates the potential role of the Jakarta Islamic Index (JII) as a hedging instrument and safe haven asset against the Indonesia Composite Index (IHSG) during the period from January 2020 to April 2025, a time characterized by elevated market volatility. The main objective is to determine whether sharia-compliant stocks in Indonesia offer diversification benefits during periods of financial stress. Utilizing daily closing prices converted into log returns, the study employs the Asymmetric Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (A-DCC GARCH) model to capture time-varying correlations between JII and IHSG. Prior to applying the model, standard diagnostic tests were performed to ensure data quality, including tests for stationarity, autocorrelation, and ARCH effects.Empirical results reveal a persistently high correlation between IHSG and JII, with an average of 0.826 and values exceeding 0.95 during periods of market turbulence. These findings indicate that JII does not fulfill the characteristics of a hedge or safe haven asset. A robustness analysis using extended data from 2010 to mid-2025 further supports the conclusion, showing the continued presence of strong comovement between the two indices across different market regimes. This suggests a structural relationship rather than one driven solely by crisis events. The high correlation may be attributed to overlapping index constituents and similar investor responses to market shocks. These results challenge the prevailing notion that Islamic indices inherently offer protection during downturns. As such, investors seeking to mitigate portfolio risk may need to look beyond domestic sharia equities and consider broader asset classes or international diversification. Future research is encouraged to explore cross-market and multi-asset safe haven properties, especially in the context of emerging economies.

This study examines the impact of murabahah contracts on profitability in the Islamic banking sector in Indonesia, especially in Islamic Commercial Banks. In this study, Return on Assets is used as the main indicator to measure the level of bank profitability. Multiple linear regression is used to empirically test the relationship between murabahah financing and Return on Assets. The results of the study indicate that murabahah financing has a significant and positive effect on Return on Assets. This indicates that the higher the level of murabahah financing disbursed, the greater the increase in profitability of Islamic Commercial Banks. This finding strengthens the evidence in previous literature regarding the importance of the role of Islamic financing product strategies in improving the results of Islamic banking financial institutions. As a result, this study emphasizes the importance of optimizing financing strategies based on murabahah contracts as a major component in the product portfolio of Islamic Commercial Banks. Therefore, to improve competitiveness, efficiency, and create sustainable financial stability in the national Islamic banking system, it is necessary to develop and implement more effective and efficient murabahah contracts by all Islamic banking institutions in Indonesia and work well by all Islamic banking institutions in Indonesia.

This research aims to analyze the impact of Environmental, Social, and Governance (ESG) integration on the risk-return profile of the investment portfolio of PT Unilever Indonesia Tbk. The research employs a quantitative method with a case study approach, utilizing historical data from the period 2017-2021. The data is analyzed to identify the relationship between ESG scores and portfolio returns, as well as portfolio risk. Regression analysis and t-test are employed to test the research hypotheses. The findings reveal a positive and significant relationship between ESG integration and the investment portfolio's return of PT Unilever Indonesia Tbk. The regression coefficient of 0.154 indicates that each one-point increase in the ESG score will result in an average increase of 0.154% in the investment portfolio return.

This study examines the investment preferences of Generation Z, specifically their inclination toward gold investment. The research is based on secondary data obtained through literature studies focusing on Gen Z's investment behavior. The findings indicate that Gen Z tends to favor gold as an investment option due to several compelling reasons. One of the main motivations is the potential for profit, as gold is considered not only a stable asset but also one that offers promising long-term returns. In addition, gold is perceived as a safe investment amid economic uncertainty. Other influencing factors include: (1) security and stability, (2) ease of access and purchase through digital platforms, (3) long-term investment potential, (4) diversification of investment portfolios, (5) historical value and its role as a symbol of security, (6) easy and flexible transactions, and (7) protection against inflation. These factors highlight the strategic thinking of Gen Z investors who seek both financial security and growth through alternative investment instruments such as gold.

This study aims to compare the performance of PT Metro Healthcare Indonesia, PT Kalbe Farma Tbk, PT Indocement Tunggal Prakarsa Tbk, PT Siloam International Hospitals Tbk, and PT Hetzer Medical Indonesia Tbk. The focus of the research is the analysis of financial and operational performance to provide an in-depth understanding of the companies' competitiveness and efficiency within their respective sectors. The study employs a quantitative method with a descriptive-comparative approach. Secondary data were collected from the annual financial reports of each company over a specific period. The analysis was conducted using key financial ratios such as Return on Equity (ROE), Debt to Equity Ratio (DER), and Current Ratio (CR). Additionally, an operational performance trend analysis was performed to understand the comparative effectiveness of the companies in resource management. The results of the analysis indicate significant differences in financial performance between companies operating in the healthcare sector (PT Metro Healthcare Indonesia, PT Kalbe Farma Tbk, PT Siloam International Hospitals Tbk, and PT Hetzer Medical Indonesia Tbk) and those in the building materials sector (PT Indocement Tunggal Prakarsa Tbk). Companies in the healthcare sector tend to have higher profitability ratios compared to those in the building materials sector, although there are variations in debt and asset management efficiency. These performance differences can be attributed to underlying industry factors such as market demand, levels of innovation, and government policies. Companies in the healthcare sector benefit from growth driven by increasing public demand for healthcare services. In contrast, the building materials sector is more vulnerable to economic fluctuations and infrastructure investments. This study concludes that industry sectors and business models have a significant impact on companies' financial performance. Healthcare sector companies demonstrate more stable and promising performance compared to the building materials sector. This study is expected to provide insights for investors in selecting suitable investment portfolios.

The capital market plays a significant role in modern economies by providing a platform for individuals and companies to raise funds and invest. This study explores the dynamics of capital market investments, focusing on managing risks and maximizing returns. The objective is to understand the types of risks involved in capital market investments and identify strategies for effective risk management. The research uses qualitative methods, reviewing literature and analyzing case studies of successful capital market investments. The findings suggest that diversification, hedging, and portfolio management are key strategies in minimizing risks, while long-term investments and active trading offer significant profit potential. The study concludes that a deep understanding of market conditions, coupled with risk management techniques, is essential for investors to achieve sustainable profits. The implications of this research highlight the importance of financial education in making informed investment decisions and the role of the capital market in economic growth.

This study examines and compares the Capital Asset Pricing Model (CAPM) with the Sharia Compliance Asset Pricing Model (SCAPM) in constructing an optimal stock portfolio based on the sharia stock index on the Indonesia Stock Exchange, specifically the Jakarta Islamic Index (JII), during the 2019–2023 period. The primary aim is to evaluate whether the SCAPM, which incorporates mudharabah profit-sharing returns in place of the risk-free rate, offers more relevant insights for Muslim investors compared to the CAPM. Utilizing a quantitative approach and a two-step regression method, the research develops an optimal portfolio by calculating stock betas and analyzing the relationship between systematic risk and expected returns. The findings reveal that neither the CAPM nor the SCAPM models are valid for predicting risk and expected returns for the JII's optimal stock portfolio. This study is intended to guide sharia-compliant investors in making informed decisions and assist investment managers in designing strategies aligned with Islamic financial principles.

The purpose of this study is to utilize the Markowitz Model to build an optimal portfolio of stocks on the Indonesia Stock Exchange in 2019 to 2023, focusing on stocks in the IDX30 index. Based on information from KSEI, the public premium in capital market speculation continues to increase. On that basis, this study is important to be conducted in order to provide a reference for the public to invest. The IDX30 index was chosen as the subject of the study because it includes stocks with large market capitalization, high liquidity, and stable financial conditions. This study determines the optimal fund allocation for each stock and examines stocks in the IDX30 index from 2019 to 2023 that are worthy of consideration for inclusion in the optimal portfolio. In this test, it produces four stocks that become the optimal portfolio with the most extreme profits, namely ADRO 16.12%, BBCA 65.97%, BBRI 4.13%, and ICBP 13.76% with a return of 1.01% and a risk of 0.22%. In contrast, the minimum risk consists of ADRO of 5.29%, BBCA of 26.14%, CPIN of 13.91%, ICBP of 16.17%, INDF of 8%, KLBF of 0.48%, TLKM of 13.47%, and UNVR of 16.55%, with a risk of 0.1% and an expected portfolio return of 0.11%.

One of the barometers used by investors to invest in the capital market is by looking at the high level of liquidity. The higher the liquidity of a market, the easier it will be for investors to sell and buy assets according to their portfolio needs and market developments. By evaluating and analyzing the determinants of market liquidity in Indonesia, it can be concluded which factors can affect market liquidity positively or negatively. This study aims to analyze whether variables such as return volatility, market return, and foreign ownership have an influence on market liquidity recorded in the Indonesia Stock Exchange (IDX) from January 2012 to December 2023. This research uses secondary data as a data source and a quantitative approach method. The population used in this study is companies listed in the Business-27 index. The sampling technique used in this study is a purposive sampling method. The results of this study show that return volatility has a positive and significant effect on market liquidity, market return has a negative and insignificant effect on market liquidity, and foreign ownership has a negative and significant effect on market liquidity.

The capital market is an activity involving the trading of securities and public offerings. It also involves institutions and professions dealing with securities. Investors have the potential to allocate their funds to safe-haven investment instruments, although the increase in the number of investors does not correspond to the level of literacy, especially in the capital market, which was only 4.92% in 2019 and decreased to 4.11% in 2022. This research aims to determine how the optimal stock portfolio is formed on the IDX Shariah Growth index in the period from November 2022 to March and from April to August 2023. The research results show that in the period from November 2022 to March 2023, six stocks were selected as candidates for the optimal portfolio, including SMDR, PWON, ISAT, TINS, HEAL, and INCO. On the other hand, in the period from April to August 2023, only SMDR and MAPI were included as candidates. Interestingly, SMDR was consistently selected in both periods. The proportion of the optimal portfolio in November 2022 - March 2023 was 11.62% for SMDR, while in April - August 2023, the proportion of SMDR increased to 25%. The optimal portfolio consisting of two stocks in April - August 2023 is estimated to generate a return of -0,28% per month, with an investment risk of 2.25%. Compared to the period of November 2022 - March 2023, which resulted in a return not significantly different, namely -0,078%, the investment risk level was much higher at 3,8%. However, this risk is lower than investing in individual stocks. Thus, forming an optimal portfolio is one effective way to diversify and reduce investment risk.

Research of stock portfolio performance based on market to book value (PBV) and market capitalization are still a debate and pro kontra. The purpose of this research is to analyze the performance of stock portfolio based on PBV and market capitalization. The samples of this study Jakarta Islamic Indeks (JII)  during periode 2020-2022. Total Observation of 60 was determined by purposive sampling method. Performance of stock portfolio based on PBV is devided by 2 format stock portfolios, namely: PBV high and PBV low. For market capitalization is devided by 2 format stock portfolio namely : big market capitalization and small market capitalization. All of them are measured by Risk  Adjusted Return (index of Sharpe and Treynor). The result of these research is stock portfolio performance namely PBV low is outperform than PBV high, big market capitalization and small market capitalization which measured by index Sharpe and index Treynor during periode 2020 – 2022 at Jakarta Islamic Indeks (JII). The implication of this study suggests to perform of  stock performance namely PBV low which havethe  potential high earning growth because PBV less than one, means undervalued.

This study examines the impact of trading costs and related factors on the unobserved performance of hedge funds through a qualitative literature review approach. The review covers recent studies on explicit and implicit costs, liquidity risk, portfolio complexity, hedge fund size, and risk management strategies. The findings reveal that trading costs significantly affect the net returns of hedge funds, while liquidity risk and portfolio complexity hinder asset management efficiency. Large hedge funds benefit from economies of scale but face challenges in risk management and transparency. The study also highlights that data-driven risk management strategies can enhance long-term return stability. This research underscores the need for a holistic evaluation to understand hedge fund performance and discusses limitations associated with the qualitative approach.

This research aims to describe the planning, implementation and evaluation of instilling religious and moral values ​​in Mardhotilah Kindergarten, Gunung Kembang Village, Sarolangun District Jambi. This research uses a qualitative approach with a descriptive type of research conducted in kindergarten with the research subjects being the school principal, teachers and children. Data collection was carried out using interview, observation and documentation techniques. Data were analyzed using qualitative descriptive analysis techniques. Data validity is carried out by triangulating sources and techniques. The research results show; 1) Planning is made by the teacher as a religious team which is arranged into a Semester (Prosem), Weekly Program Plan (RPPM) specifically for instilling religious and moral values, which is divided into seven aspects, namely, aqidah, akhlaq, worship, memorizing letters, memorizing prayers/hadith, Al-Qur'an signals, and mahfudhot; and RPPH. 2) In its implementation, instilling religious and moral values ​​uses various methods, including the habituation method, the example method, the field trip method, the storytelling method and the play method which are applied in various activities carried out by children from the time the child arrives at school until the child returns home from school; 3) Evaluation is carried out through observation assessments, anecdotal notes and portfolios for semester report cards as well as follow-up programs in the form of enrichment; 4) If there are non-Muslim students, the school gives students the option to choose other universal subjects.

This study aims to find out how much expected return and optimal portfolio risk and the best model between the Markowitz model and the single index model in forming optimal portfolios in banking sub-sector companies for the 2018-2022 period. This type of research includes applied quantitative descriptive. The research data uses secondary data in the form of stock closing prices, JCI and monthly BIC interest rates. The survey population is 29 companies. Data analysis uses the Markowitz model and single index model. The results showed that the stocks that make up the optimal portfolio with the Markowitz model are 12 company stocks that provide an expected return of 1.41%, an absolute risk of 4.48%, and a relative risk of 318.96%. While the single index model consists of 10 company stocks that provide an expected return of 4.65%, an absolute risk of 10.21%, and a relative risk of 219.68%. The research results are expected to contribute to investors, that the single index model is better than the Markowitz model.

Sumi Lala.202010325238. Portofolio Construction On The Indonesia Stock Exchange (BEI) Using The Markowitz method (Empirical Study Of Kompas 100 period December 2014 – September 2023). Investment development is currently very rapid. Ownership of 2 or more items can called a portofolio.Investments will experience increases and decreases in the portofolio. This research aims to understand the level of  return of portofolios formed through Markowitz and also a comparison between portfolios returm with market capitalization and weighting. The shares in the portfolio are shares listed on the Kompas 100 Index. This research uses end of month data for the period December 2014 to September 2023.The results of this research found that 61 shares included in the portolio did not have a negative weight.the next result of this research is that the market rate of return portolio (IHSG) Significantly influences the rate of return of the portfolio that has been formed based on market capitalization significantly 1% Other macro variables US Dollar exchange rate.Interest rates and oil prices do not significantly affect the rate of return portfolios formed based on Market Capitalization.