JASF: Journal of Accounting and Strategic Finance https://jasf.upnjatim.ac.id/index.php/jasf <p><strong>JASF (Journal of Accounting and Strategic Finance), </strong>is a peer-reviewed journal published by <strong>Universitas Pembangunan Nasional Veteran Jawa Timur</strong> in collaboration with<strong> </strong>the<strong> Indonesian Institute of Accountants (IAI KAPd)</strong>. JASF was <strong>accredited grade 2</strong> (twice) by the Ministry of Research, Technology, and Higher Education of the Republic of Indonesia. First, <strong>Decree (SK) No. B/4130/E5/E5.2.1/2019 dated December 31, 2019. </strong>Second,<strong> Decree (SK) No. 230/E/KPT/2022 dated December 30, 2022</strong>.</p> <p><a title="e-ISSN" href="https://portal.issn.org/resource/ISSN/2614-6649" target="_blank" rel="noopener"><strong>e-ISSN 2614-6649</strong></a></p> Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur en-US JASF: Journal of Accounting and Strategic Finance 2614-6649 Constructing Optimal Portfolios Using the Single Index Model and Markowitz Model: A Study on Cryptocurrencies https://jasf.upnjatim.ac.id/index.php/jasf/article/view/485 <p><em>This study analyzes the formation of optimal portfolios on cryptocurrency assets using the single index model and the Harry Markowitz model. This study covers 79 cryptocurrencies with the largest market capitalization during the period June 2023–June 2024. We calculate the optimal portfolio using the single index model and Markowitz, and evaluate its performance using the Sharpe Ratio. The results show that the Harry Markowitz model produces better portfolio performance compared to the single index model. The Markowitz portfolio produces a positive Sharpe ratio (1.8496), a portfolio return rate of 7.678%, and lower risk (0.0415). Conversely, the single index model portfolio shows a negative Sharpe ratio (-2.0971), indicating lower returns than risk-free assets. In addition, the Markowitz model offers more efficient diversification than the single index model. However, in general, both the Single Index Model and the Markowitz Model have a significant effect on the formation of optimal portfolios, with the Sharpe Index proving to be a significant mediator in the relationship between the two models and the optimal portfolio. The R-squared value shows that the SIM variables, Markowitz Model, and Sharpe Index explain 48.4% of the variation in the optimal portfolio. This study recommends the use of the Harry Markowitz model for cryptocurrency investment because it can provide higher returns with more controlled risks. This study provides important insights for investors on the strategy of diversifying cryptocurrency asset portfolios.</em></p> Eko Sanjaya Nurhakim Abdul Mukti Soma Irni Yunita Copyright (c) 2024 Eko Sanjaya Nurhakim, Abdul Mukti Soma, Palti Marulitua Sitorus 2024-12-23 2024-12-23 7 2 200 218 10.33005/jasf.v7i2.485 Digitalization of Accounting: Accountant Profession in Facing Challenges of Era 5.0 https://jasf.upnjatim.ac.id/index.php/jasf/article/view/444 <p><em>This study aims to determine how the accounting profession responds to the issue of digitalization. This study uses a qualitative research method with a case study design. Data collection was conducted through interviews at one of the Public Accounting Firms in Malang. The findings in this study are concerned about client data leaks that affect trust in digital systems, especially in the use of Audit Tools and Linked Archive System (ATLAS) in their work, significant benefits in the efficiency and accuracy of accounting work through the use of technology, and threats to the accounting profession due to automation and the increasing risk of cybercrime. The results of this study itself offer strategic insights into dealing with changes in the landscape of the accounting profession, including strengthening data security, adapting skills, and developing policies that support digital transformation.</em></p> Khoirun Nisa' Syamsiyah Driana Leniwati Muhammad Wildan Affan Copyright (c) 2024 Khoirun Nisa’ Syamsiyah, Driana Leniwati, Muhammad Wildan Affan 2024-12-23 2024-12-23 7 2 219 234 10.33005/jasf.v7i2.444 Revealing Corporate Value: The Role of Investment Decisions, Debt Policy, and Ownership Structure https://jasf.upnjatim.ac.id/index.php/jasf/article/view/493 <p><em>This study examines how investment decisions, debt strategies, and ownership structures influence corporate value, specifically targeting manufacturing companies listed on the Indonesia Stock Exchange from 2019 to 2021. Using a quantitative approach and Partial Least Squares (PLS), the research integrates these critical factors into a comprehensive framework. The findings indicate that asset growth significantly impacts corporate value, highlighting the importance of effective investment strategies, while debt expansion positively influences firm value. However, managerial ownership does not exhibit a strong direct relationship with asset growth, equity expansion, or debt policies. Furthermore, this study highlights the significant role of institutional investors in strengthening corporate governance and reducing agency conflicts. Drawing on recent findings, it underscores the importance of intellectual capital and cash reserves in boosting financial performance and market valuation. The effective management of intellectual capital components—namely human, structural, and relational capital—serves as a bridge between financial performance and market valuation, while strategic cash reserves reflect financial stability and potential for growth. By synthesizing investment, financing, and ownership decisions, this study offers a novel perspective and practical implications for firms navigating post-pandemic economic recovery, emphasizing the synergy of financial strategies in optimizing corporate value and enhancing shareholder wealth.</em></p> Ida Ayu Sri Brahmayanti Copyright (c) 2024 Ida Ayu Sri Brahmayanti 2024-12-23 2024-12-23 7 2 235 251 10.33005/jasf.v7i2.493 An Evaluation of Risk Management's Impact on University X's Performance https://jasf.upnjatim.ac.id/index.php/jasf/article/view/513 <p><em>Risk management has become an important element in efforts to improve university quality, especially in the era of globalization filled with challenges and uncertainties. This study aims to analyze the implementation of risk management at University X as a means to enhance the university's quality. This research focuses on the implementation of risk management at the Lembaga Penelitian dan Pengabdian Masyarakat (LPPM), which implements the tri dharma of university in the form of research development and community service, and conducts an analysis using ISO 31000:2018. This research employs a qualitative descriptive method and a case study approach, collecting primary and secondary data through interviews, SOP documentation, and risk management guideline documentation. The research results show that the LPPM of University X has implemented the risk management process using ISO 9001:2015. The implementation of risk management by LPPM can be considered adequate; however, there are challenges such as the establishment of risk criteria, comprehensive risk identification, and the lack of integration of risk management into the strategic decision-making process. This research suggests the implementation of risk management at the university level to ensure the integration of risk management and the enhancement of risk management understanding within the university environment. This finding will help university education service, not limited to University X, to enhance their quality based on risk management.</em></p> Vitra Puspita Dewi Hamzah Eliza Fatima Copyright (c) 2024 Vitra Puspita Dewi Hamzah, Eliza Fatima 2024-12-31 2024-12-31 7 2 252 265 10.33005/jasf.v7i2.513