A Review of Risk Volatility Measurement on Conventional Stock Market and Islamic Stock Market

Mustika Rahmi,Nurul Azma,Aminullah Achmad Muttaqin,Thuba Jazil,Mahfuzur Rahman 한국유통과학회 2016 KODISA ICBE (International Conference on Business Vol.2016 No.-

The purpose of this paper is to investigate the volatility of both Islamic and conventional stock market in Indonesia with the aim of identifying the most appropriate model for risk management practice. The study considers GARCH as a genre of model to measure the volatility of stock market movement. The results support the view that each model shows specific volatility from both Islamic and conventional stock market in Indonesia. In Islamic stock market, volatility is affected by exchange rate and money supply (M1) but not interest rate as interest is prohibited in Islam. However, interest rateis found as principal factor that affect volatility of conventional stock market. The outcomes of this paper are of particular significance to policy makers, as it provides guidelines to maintain economic health. Further, the findings may assist practitioners to understand the consequences of macroeconomic factors such as exchange rate, money supply and interest rate, which arevery crucial for the market stability of Indonesian stock market. The paper enhances the understanding of stock market volatility and propose guidelines risk management practices.

INCLUSION OF SMALLHOLDER FARMERS IN COFFEE VALUE CHAIN FOR GLOBAL MARKET: INSIGHTS FROM GLOBAL PLAYERS

Mustika Sufiati Purwanegara,Nurrani Kusumawati,Nita Garnida,Reinaldy Agung Pramudhita,Anak Agung Ngurah Tata Pinandhika 글로벌지식마케팅경영학회 2023 Global Marketing Conference Vol.2023 No.07

Despite being one of the world's largest coffee exporters, Indonesia's coffee output for the international market has recently been dropping. Smallholder coffee growers and their cooperatives faced production challenges due to a lack of market demand knowledge, financial assistance, cultivation and processing equipment, and business practice expertise, according to a case study investigation of these groups. The research then conducted a quantitative survey of 84 international customers from 29 countries and enhanced it by speaking with ambassadors of the Indonesia Trade Promotion Centre in nine different nations. These global players' insights produce helpful information, such as product details, pricing ranges, and quality standards. The results show that for smallholder farmers and cooperatives to fulfil the demands of the global market, relevant commercial actors must assist them. As a result, this study creates a model of the coffee value chain that demonstrates how market demand data motivates cooperatives and smallholder coffee farmers to increase coffee output in a diverse business environment. Marketing might contribute to smallholder farmers' and cooperatives' economic prosperity and well-being by using varied insights from foreign consumers.

Perceptions of Islamic banking products: Evidence from Malaysia

Mustika RAHMI,Nurul AZMA,Fahd Mohammed OBAD,Muhammad ZAIM,Mahfuzur RAHMAN 한국유통과학회 2020 Asian Journal of Business Environment (AJBE) Vol.10 No.3

Purpose: Islamic banking products and services have always claimed to be unique from its traditional interest-based counterpart. However, in practice, many Islamic banks are alleged to have drifted away from its paradigm version. The purpose of this study is to gauge the perception of university students in Malaysia towards Islamic banking products. Research design, data and methodology: Data were collected from 250 Malaysian university students. Structural Equation Modeling (SEM) was performed to test proposed hypotheses to identify factors influencing customers‘ perception toward Islamic banking products. Results: The main finding indicates that most of the respondents are familiar with Islamic banking products and consider Islamic banking products as useful as it s conventional counterparts. The regression results show that respondents are less convinced of adherence to Shari‘ah, efficiency and helpfulness of existing Islamic banks. Conclusions: This is a cue to the Islamic banks‘ stakeholders that they need to realign their practices in an ethically responsible way in accordance with Shari‘ah if they wish to secure existing customers and attract potential ones. In a competitive banking environment, most banks provide efficient and readily available service; thus, focusing on this as a strategy hardly distinguishes an Islamic bank from an interest-based bank

Evaluation of antioxidant and antimicrobial activity of phenolic lipids produced by the transesterification of 4‑hydroxyphenylacetic acid and triglycerides

Mustika Sari,Yustine Chung,Felicia Agatha,김형권 한국응용생명화학회 2019 Applied Biological Chemistry (Appl Biol Chem) Vol.62 No.-

Several phenolic compounds derived from plant biomass are attracting attention because they display high antioxidant activity. In this study, antioxidant activity was confirmed in 4-hydroxyphenylacetic acid (HPA), and transesterification reaction using Candida antarctica lipase B was performed to enhance the solubility of HPA. The HPA-diolein (HPA-DON) was synthesized from HPA and triolein, while the HPA-fish oil diglyceride (HPA-dFO) was synthesized from HPA and Menhaden fish oil. To increase the conversion yield, the enzyme reaction conditions of the substrate molar ratio, enzyme amount, and reaction time were optimized. After the reaction, HPA-DON and HPA-dFO were purely separated, using prep-LC. The activity assays using DPPH and ABTS radicals confirmed that HPA-DON and HPA-dFO have antioxidant activity. HPA-DON has high activity in non-polar solvents, while HPA-dFO has strong activity in both polar solvents and non-polar solvents. In addition, HPA-dFO has the growth inhibition activity for Bacillus coagulans, Geobacillus stearothermophilus, and Alcaligenes faecalis that cause food spoilage. Therefore, HPA-dFO is a new synthetic substance that has both antioxidant activity and antibacterial activity. The results indicate that these HPA-derivatives can be expected to be developed as important materials in the food and cosmetics industries.

THE EFFECT OF BELT AND ROAD INITIATIVE GLOBALIZATION TOWARD THE INTERNATIONAL TRADE AND EQUALITY

Mustika Sufiati Purwanegara,Nurrani Kusumawati,Rosmini Omar,Nur Azam Anuarul Perai,Reinaldy Agung Pramudhita 글로벌지식마케팅경영학회 2023 Global Marketing Conference Vol.2023 No.07

The Belt and Road Initiative (BRI) is one of the bridges to the globalization of trade. The BRI will achieve all its goals and help each participant nation's economy flourish. Expanding international commerce and reducing inequality among participating nations are indicators of stronger economic growth. This study intends to investigate how the Belt and Road Initiative affects global trade and equality among its participants and elaborate the people perception on BRI in Indonesia and Malaysia. This study uses secondary data to compare the BRI members, while the original data was collected using a survey approach. The four factors evaluated in secondary data are globalization, international trade, equality, and business environment. K-mean cluster, One-way ANOVA, and Partial Least Squares were used for data analysis. The survey is conducted in English on two platforms (online and offline), they are analyzed by Homogeneity of Variances test. The findings indicated foreign debt, political stability, level of corruption, education index, and life expectancy are the differences in the business environments that account for this. If the member nations in the Belt and Road Initiative have favorable conditions in terms of political stability, education, and life expectancy, they will succeed in terms of globalization, international trade, and equality. In addition, the nation should have little foreign debt and less corruption. The last, both Malaysia and Indonesia have positive perception on the BRI and support the country to participate on it.

USING ELECTROENCEPHALOGRAM (EEG) TO UNDERSTAND THE EFFECT OF EMOTIONS ON SUSTAINABLE TOURISM VISIT INTENTION

Mustika Sufiati Purwanegara,Fitri Aprilianty,Nila Armelia Windasari 글로벌지식마케팅경영학회 2023 Global Marketing Conference Vol.2023 No.07

The research examines the influence of emotions on tourists’ visit intention towards sustainable tourism and evaluation by using the application of an electroencephalogram (EEG). This method can give objective information about tourist emotion reactions towards sustainable tourism experiences that will drive tourists’ visit intention. The main research objective was to observe and evaluate consumer’s brain activity in different brain regions while they were being exposed by sustainable tourism experiences as stimuli. The participants consists of 30 local and foreign tourist, have normal vision, right-handed, and are considered as potential visitors of sustainable tourism destination. The participant’s brain activity was collected using neuroheadset (EEG) with an international 10/20 system. Analyzing of tourists’ emotions may help marketers to build their customer's experience and reach their target markets more effectively and develop strategies to ensure that the consumer’s attracted.

ROLE OF DIGITAL TECHNOLOGY ON GASTRO TOURISM EXPERIENCE IN GENERATION Z

Mustika Sufiati Purwanegara,Nila Armelia Windasari,Fitri Aprilianty,Reinaldy Agung Pramudhita,Muhammad Fakhrul Rozi Ashadi,Hasbian Fauzy Perdhana 글로벌지식마케팅경영학회 2023 Global Marketing Conference Vol.2023 No.07

Gastro-tourism extends beyond what to eat, but also the attractiveness and the environment. It encompasses a tourist experience journey starting from pre, during, until post-travel. Gastro tourism in the new normal engages with traditional vs novel value of experiences. This study aims to answer how Gen Z experiences gastro tourism and the impact of digital technologies using surveys on Tiktok Ads followed by an experiment with an immersive culinary adventure using 3D visual technology.

AN OVERVIEW OF SOCIAL NETWORK ACTIVITY IN JAKARTA FOR PROMOTING FASHION BRAND

Mustika Sufiati Purwanegara,Nita Garnida 글로벌지식마케팅경영학회 2015 Global Fashion Management Conference Vol.2015 No.06

In recent years, utilization of social network sites (SNS) such as Facebook, Instagram, and Twitter for text, image, and video sharing in Jakarta, Indonesia, is becoming very popular. Many fashionistas - artist, singer, designer, and fashion blogger - take advantage of SNS to share what they are doing, what they are wearing, and even their personal life. Apparently, their glamorous life style has been attracting million of followers. High appreciation toward their posts in SNS is given by clicking ‘likes’ symbol as well as positive comments from the followers. This paper provides an overview of social network activity in Jakarta for promoting fashion brand. A netnographic approach was conducted to observe and analyze SNS’ content, which consists of photos, texts and hashtags, and followers’ comments. Since SNS’ account owner could have dual roles, i.e. as consumer and supplier, we categorize two types of account owner. First, fashionistas who launch personal account and, at the same time, have collaboration with fashion brand or have their own clothing line; and second, apparel companies who promote their product through SNS. We noted that apparel companies utilize SNS to launch new fashion products and to give detail information, which include photos, products size, and how to purchase, which is simply a business as usual. In the other hand, fashionista’s shared their personal style, favorite brand and designer, and fashion tips for the followers, such as mix and match fashion and where to purchase. Personal style is presented by wearing an outfit for a commercial events, e.g. product launching, gala show, etc.; and for daily use, e.g. fashion shopping, hang out with friend, and travelling. Fashionistas usually mention the brand or the designer of clothing, shoes, and bag that they wear in the photo with good recommendation, thus a positive electronic word of mouth (e-WOM) is conveyed to the followers instantaneously. Even though fashionistas’ activity is actually part of marketing practice that promote fashion brand, personal approach through their shared life style is obviously more appealing rather than direct promotion activity by apparel companies. It is proven by number of followers, likes, and comment from fashionistas’ followers which is greater than apparel companies. As the similarity, both apparel companies and fashionistas give knowledge sharing about fashion to the followers, and utilize commenting section to interact with them. In turn, e-WOM is also exchanged through discussion among followers on the commenting section; and the ability of followers to share content with other users. Then, mentioning hashtags – a number sign character (#) followed by a word or phrase related to the topic - is strengthen e-WOM because hashtags is clickable and searchable for SNS users.

Risk Volatility Measurement: Evidence from Indonesian Stock Market

Mustika Rahmi,Nurul Azma,Aminullah Achmad Muttaqin,Thuba Jazil,Mahfuzur Rahman 한국유통과학회 2016 The Journal of Asian Finance, Economics and Busine Vol.3 No.3

The purpose of this paper is to investigate the volatility of both Islamic and conventional stock market in Indonesia with the aim of identifying the most appropriate model for risk management practice. The study considers GARCH as a genre of model to measure the volatility of stock market movement. The results support the view that each model shows specific volatility from both Islamic and conventional stock market in Indonesia. In Islamic stock market, volatility is affected by exchange rate and money supply (M1) but not interest rate as interest is prohibited in Islam. However, interest rate is found as a principal factor that affects volatility of conventional stock market. The outcomes of this paper are of particular significance to policy makers, as it provides guidelines to maintain economic health. Furthermore, the findings may assist practitioners to understand the consequences of macroeconomic factors such as exchange rate, money supply and interest rate, which are very crucial for the market stability of Indonesian stock market. The paper enhances the understanding of stock market volatility and proposes guidelines risk management practices.

Evaluation of antioxidant and antimicrobial activity of phenolic lipids produced by the transesterification of 4-hydroxyphenylacetic acid and triglycerides

Sari, Mustika,Chung, Yustine,Agatha, Felicia,Kim, Hyung Kwoun Springer (Biomed Central Ltd.) 2019 Applied Biological Chemistry (Appl Biol Chem) Vol.62 No.1