• Korean Chemical Engineering Research
• /
• v.58 no.2
• /
• pp.293-300
• /
• 2020

Eucheuma spinosum, red macro-algae, contains carrageenan as the major polysaccharide and is commercially produced in Indonesia, Malaysia, Philippines, China and Tanzania. In this study, E. spinosum was converted to sugar and platform chemicals (5-HMF, levulinic acid, formic acid) via FeCl₃-catalytic hydrothermal reaction. In addition, statistical methodology (3-level 3-factor Box-Behnken design) was applied to optimize and evaluate the effects of reaction factors (reaction temperature, catalyst concentration and reaction time). As a result of optimization, the concentration of 5-HMF was obtained to be 2.96 g/L at 160 ℃, 0.4 M FeCl₃ and 10 min. Optimal conditions of levulinic and formic acids were determined at 200 ℃, 0.6 M FeCl₃ and 30 min, and the concentrations were obtained to be 4.26 g/L and 3.77 g/L, respectively.

• Journal of Advanced Navigation Technology
• /
• v.28 no.3
• /
• pp.288-299
• /
• 2024

Indonesia's Keplauan Liau region is facing limitations in the development of connected transportation infrastructure due to its archipelago nature, budget constraints, and lack of land. Transportation demand is increasing due to its strategic location in the Malacca Strait Business Triangle and many tourist visits from Singapore and Malaysia. However, due to the nature of connecting many islands, the establishment of transportation infrastructure has not been achieved. This paper aims to predict the innovations that can be brought about by the introduction of advanced air mobility (AAM) with an electric vertical take-off and landing (e-VTOL) system through analysis and application consideration of the actual situation in Indonesia's Kepulauan Liau region. In addition, it intends to contribute to national-level review and policy establishment on the establishment of innovative transportation infrastructure using AAM, reflection in infrastructure construction plans, and active global cooperation.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.5
• /
• pp.839-850
• /
• 2021

Risk-adjusted return is believed to be one of the optimal parameters to determine an optimum portfolio. A risk-adjusted return is a calculation of the profit or potential profit from an investment that takes into account the degree of risk that must be accepted to achieve it. This paper presents a new procedure in portfolio selection and utilizes these results to optimize the risk level of risk-adjusted Islamic stock portfolios. It deals with the weekly close price of active issuers listed on Jakarta Islamic Index Indonesia for a certain time interval. Overall, this paper highlights portfolio selection, which includes determining the number of stocks, grouping the issuers via technical analysis, and selecting the best risk-adjusted return of portfolios. The nominated portfolio is modeled using Quadratic Programming (QP). The result of this study shows that the portfolio built using the lowest Value at Risk (VaR) outperforms the market proxy on a risk-adjusted basis of M-squared and was chosen as the best portfolio that can be optimized using QP with a minimum risk of 2.86%. The portfolio with the lowest beta, on the other hand, will produce a minimum risk that is nearly 60% lower than the optimal risk-adjusted return portfolio. The results of QP are well verified by a heuristic optimizer of fmincon.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.331-339
• /
• 2021

The youths are characterized by their reckless and ambitious behavior. They exhibit a strong tendency to make risky decisions that may jeopardize their future. These qualities are also in line with their experience-seeking behavior. As young entrepreneurs aim high in profit-seeking activities, their ethical stance may be compromised. Moreover, their money profile increases at an accelerated pace, leading them to love money even more. Quantitatively, this study was the first to investigate the behavior of young entrepreneurs in terms of their love of money, religiosity, and ethical perceptions by adopting the hadith perspective in Islamic tradition by developing the scales of all constructs. The respondents were 261 members of the Indonesian Young Entrepreneur Association in Sulawesi Selatan, Indonesia. This study also examined gender as the moderating variable. This study found that the love of money affects ethical perception negatively; on the other hand, religiosity positively affected ethics. Gender is found to moderate religiosity, but not love of money. These results signify the harmful impact of loving money too much on young entrepreneurs' ethics; furthermore, the scales developed from hadith revelation were able to capture the empirical findings significantly.

• Journal of Microbiology and Biotechnology
• /
• v.8 no.5
• /
• pp.517-522
• /
• 1998

The cry1 gene content of a collection of Bacillus thuringiensis strains, which include new isolates from Malaysia and Indonesia, was determined by a multiplex PCR using a set of eight oligonucleotide forward primers specific to cry1Aa, cry1Ab, cry1Ac, cry1Ba, cry1Ca, cry1Da, cry1Ea, and cry1Fa genes, and two reverse primers, one specific to cry1Ab and the other common to the remaining cry1 genes. Two-thirds of the 59 strains screened were cry1 positive and contained one to four different genes. The cry gene profiles correlated well with toxicities of the strains to lepidopteran insects. The method can be used for rapid screening of a large number of new isolates as the total DNA extracted by boiling cells from single colonies can be used directly in the PCR. However, it is not suitable for follow-up monitoring of specific commercial strains after application in the field as the PCR product profiles of these strains could not be differentiated from those of new isolates.

• The Korea Journal of Herbology
• /
• v.26 no.4
• /
• pp.163-168
• /
• 2011

Objective : The purpose of this study is to determine the origin of Aquilariae Lignum. Method : Firstly identify the production areas of Aquilariae Lignum and its trading status with China in Chinese history through Chinese historical books such as Twenty-Five Histories(二十五史) and the records of the Chosun Dynasty and then, compare the distribution of the genus Aquilaria in the concerned areas. Result : Since the records in the NanfangCaomuZhuang(南方草木狀) written in 304 saying that Aquilariae Lignum was produced in Vietnam and had white flowers, Vietnam had led production and trading of Aquilariae Lignum until Qing Dynasty(淸代). Even though Thailand traded Aquilariae Lignum during Qing Dynasty, however, the volume was at a low level. Aquilariae Lignum from southern Thailand, Malaysia and Indonesia was rated as low quality and low-priced because of its fishy smell and strong flavor. Conclusion : These results show that the origin of Aquilariae Lignum comes from Vietnam and this species is distinguished from the ones of Indodesia or Malaysia.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.10
• /
• pp.981-988
• /
• 2020

Seeing the existence of MSME needs that have still not been met although this sector is undeniably important in Indonesian economy, changes in community behaviour and the intensity of the use of technology in the community, financial technology (fintech) has a lot of potentials to become a part of the solution of the problem commonly faced by MSMEs. Therefore this research needs to be done to observe the potential of fintech in integrating MSMEs in terms of the application of technology and knowledge from the community related to fintech. By using Technology Acceptance Model, this research tries to understand the determinant factors of the fintech application used by MSME. Based on the research framework and model, path analysis method used in this research. This research uses primary data gathered by the questioner, which was distributed to MSME. From the analysis conducted, we can conclude that the external factors tested in this research could have an effect on the behaviour intention through perceived usefulness in MSME practice of financial technology. Large variation in MSME educational background, busineess age and size would become a challenge in promoting fintech application, therefore this finding suggests that fintech should be promoted by highlighting what benefits can be obtained by using fintech application.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.11
• /
• pp.145-155
• /
• 2021

This study examines the export competitiveness of four major natural rubber exporters in the Belt and Road Initiative (BRI) region and investigates the factors affecting bilateral natural rubber export. This study utilized the revealed symmetric comparative advantage (RSCA) to measure export competitiveness. Next, this study employed the gravity model using the Poisson Pseudo Maximum Likelihood (PPML) estimation to analyze the factors affecting bilateral export from the four major natural rubber exporters to 46 countries in the region. The analysis is conducted by using annual data from 2001 till 2018. The findings showed that all four major exporters maintained their export competitiveness. Indonesia and Vietnam notably exhibited increasing trends in the early 2000s. Besides, the market share for Malaysia and Vietnam have increased from 2013 to 2015 with the BRI implementation in 2013. In addition, this study discovered that non-tariff measures (NTM) have a positive and significant impact on the bilateral export of natural rubber. The overall findings strongly indicate that the natural rubber export has increased post BRI announcement. The outcome highlighted the benefits of BRI implementation on the natural rubber export. This study is the first attempt to apply the gravity model on the natural rubber exports within the BRI region.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.2
• /
• pp.883-892
• /
• 2021

The issue of environmental crisis encourages companies to develop strategies and programs which incorporate social and environmental considerations into their processes. The objectives of this study are to identify the strategies used in implementing corporate social and environmental reporting (CSER) and to investigate the impact of these strategies on organization performance. This study uses as its sample companies listed on the Indonesia Stock Exchange (IDX) and engaged in environmentally sensitive business activities and applies content analysis to their annual reports. The data used in the study is secondary data in the form of annual and sustainability reports of companies, and primary data in the form of interviews. The results show that companies use both reactive and proactive strategies in reporting their social and environmental activities. The study also identifies the impacts of such reporting on both the financial and non-financial performances of the investigated companies. The study contributes to the social and environmental accounting literature by exploring the motivations and strategies of companies in their CSER. The empirical results will provide important insights into the influence of the strategies employed by companies in their corporate social and environmental reporting and the impacts of such strategies on organizational performance.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.3
• /
• pp.31-38
• /
• 2021

The study investigates the diversification behavior of Islamic stocks against US financial uncertainty. Considering limitations found in the literature, a comprehensive index of financial uncertainty (FU) is used, developed by Jurado, Ludvigson, and Ng (2015). The empirical analysis uses monthly data from four Islamic markets - Saudi Arabia, Malaysia, Indonesia, and Turkey - for the period from January 2010 to September 2019. Results of the bivariate EGARCH models show that Islamic stocks can be used for diversification purpose against the financial uncertainty of the US because the volatility of US uncertainty does not propagate in the Islamic stock markets. Moreover, findings show that the spillover effect of financial uncertainty varies with the FU forecast horizon. The spillover effect of FU increases with an increase in the FU forecast horizon and becomes significant over 3-month and 12-month periods in the case of Saudi Arabia. The current volatility of Islamic stock returns is independent of the size of shocks in past volatility. The leverage effect and asymmetry have been found in Saudi Arabia and Malaysia. The findings validate the arguments of the literature that Islamic markets are resilient facing uncertainties and perform well during crisis periods. The findings are important for investors in making better portfolio decisions.