Jurnal Manajemen & Agribisnis https://jagb.journal.ipb.ac.id/index.php/jmagr <p><strong>Jurnal Manajemen dan Agribisnis (JMA) or Journal of Management &amp; Agribusiness (JMA)</strong> (in English) publishes articles on agribusiness and strategic management. The aims of the journal are to disseminate knowledge and insights in the areas of agribusiness and strategic management based on academic rigor and relevance to academics, researchers, professionals, and/or public decision-makers. We particularly focus on research in the Asia-Pacific region but welcome perspectives from other regions of the world that enhance our knowledge in this area. The journal publishes in the following areas of research:&nbsp; Supply Chain and Value Chain, Competitiveness, Innovations, Economics of Organisation and Industries, Strategic Management, Sustainable Business Development, Business Consumer Behaviour, and International Trade Issues. JMA is published by the&nbsp;<a href="https://sb.ipb.ac.id/id/beranda/">School of Business, IPB University (SB-IPB)</a> associated with the Indonesian Society of Agricultural Economics (PERHEPI/ISAE). JMA was first published at the beginning of 2004 twice per year in frequency in March and October. Since 2012, JMA has been published three times per year in March, July, and November. The editor receives articles of empirical research and reviews in agribusiness &amp; strategic management.</p> <p>JMA is a peer-reviewed journal that has been&nbsp;<strong>Accredited&nbsp;</strong>by the Directorate General of Higher Education (DGHE), Republic of Indonesia No 12/M/Kp/IE/2015 which is valid for 5 (five) years since enacted on 11 May 2015. Based on the Directorate General of Research and Development Strengthening, Ministry of Research, Technology and Higher Education of the Republic of Indonesia No 30/E/KPT/2018 JMA get&nbsp;<strong>ranked 2 accredited (SINTA 2)</strong>&nbsp;status. Based on Directorate General of Research and Development Strengthening, Ministry of Research, Technology and Higher Education of the Republic of Indonesia No 36/E/KPT/2019 JMA get&nbsp;<strong>ranked 2 accredited (SINTA 2)</strong>&nbsp;status.</p> <p>JMA has been registered in&nbsp;<strong>Crossref (since 2015), ACI - ASEAN Citation Index, DOAJ, Indonesian Publication Index (IPI), SINTA Rank 2, Google Scholar,&nbsp;</strong>and other scientific databases.&nbsp;</p> <p>Editors can revise the paper without changing the substance and content after a blind review process. The articles sent by the author must be an original script and is not being considered for publication by other journal or publishers.</p> <p><strong>P-ISSN: <a href="http://issn.pdii.lipi.go.id/issn.cgi?daftar&amp;1180428118&amp;1&amp;&amp;">1693-5853</a></strong><br><strong>E-ISSN: <a href="http://issn.pdii.lipi.go.id/issn.cgi?daftar&amp;1416204681&amp;1&amp;&amp;">2407-2524</a></strong></p> <p>Download the <a href="https://drive.google.com/open?id=1FaIZjInXQQDJCaS7P0CI02MVrCTP6hjy"><strong>Submissions Guidelines&nbsp;</strong></a> and <strong><a href="https://drive.google.com/open?id=164hotGcBgjyCYEqC0SReLbOJmdqfNv1H" target="_self">Author Guidelines</a></strong></p> <p>______________________________________________________________</p> <p><strong><span style="color: blue;"><img src="/public/site/images/adminjmagr/icon_next.gif" alt="">&nbsp;<strong><img src="/public/site/images/adminjmagr/icon_next.gif" alt="">&nbsp;</strong> JMA started in 2018 only&nbsp;receives articles&nbsp;using english&nbsp;<strong><img src="/public/site/images/adminjmagr/icon_next.gif" alt="">&nbsp;</strong><strong><img src="/public/site/images/adminjmagr/icon_next.gif" alt="">&nbsp;</strong></span></strong></p> <p><strong><span style="color: blue;">______________________________________________________</span></strong></p> School of Business, Bogor Agricultural University (SB-IPB) en-US Jurnal Manajemen & Agribisnis 1693-5853 <p><span style="color: #111111; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 15px;">Authors who publish with this journal agree to the following terms:</span></p><br /><ol style="color: #111111; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 15px;" type="a"><ol style="color: #111111; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 15px;" type="a"><li>Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a <a style="text-decoration: none !important; color: #3b5998 !important;" href="http://creativecommons.org/licenses/by/3.0/" target="_new">Creative Commons Attribution License</a> that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.</li></ol></ol><br /><ol style="color: #111111; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 15px;" type="a"><ol style="color: #111111; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 15px;" type="a"><li>Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.</li></ol></ol><br /><ol style="color: #111111; font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 11px; line-height: 15px;" type="a"><li>Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See <a style="text-decoration: none !important; color: #3b5998 !important;" href="http://opcit.eprints.org/oacitation-biblio.html" target="_new">The Effect of Open Access</a>).</li></ol> Analysis of Farmer Perceptions in Adopting The Integrated Farming System: A Case Study of Oil Palm Plantation in Riau Province https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40479 <p>Crop-livestock integration is a future agricultural system that can increase the added value of farming while and being environmentally friendly. However, it is not widely used by oil palm farmers. Oil palm integration with cattle is expected to meet the demand for oil palm organic fertilizer and utilize palm fronds as animal feed. The objective of this research is to analyse the factors that influence farmers’ decisions to implementing oil palm-cattle integration. A survey was conducted with 300 respondent who were chosen with purposive sampling with two categories: integrated farming and non-integrated farming. The logistic model was used to analyze adoption factors. The result shows that factors influencing the decision of farmers to adopt oil palm-cattle integration are the time of involvement of household head in farming, extension services, income from oil palm, and the household’s dependent ratio. Meanwhile, the factors that do not encourage farmers to adopt oil palm-cattle integration are formal education and involvement in farmer groups. The results observed several socio-economic factors that can lead to the increase of the crop-livestock integration such as farmers still requiring good extension and training.</p> <p>Keywords: adoption, logistic model, oil palm-cattle integration, smallholders</p> Yuhendra Yusman Syaukat Sri Hartoyo Nunung Kusnadi Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 165 165 10.17358/jma.19.2.165 Can adoption of chemical pesticide-free farming practices benefit to farmers? An empirical study in shallot production in Central Java, Indonesia https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/42345 <p>This study aims to provide empirical evidence in the shallot production in Indonesia, what drives farmers to adopt chemical pesticide-free production as sustainable agricultural practices and its impacts on farmers’ income. By using national agricultural survey in 2014, this study employed logit regression and regression analysis to estimate the determinants and impacts of adoption of chemical pesticide-free farming practices among shallot farmers in Central Java. The results of a logit regression model showed that level of education, type of land ownership, participation in farmers group, source of fund, certified seed cost, and cost production were significantly associated with decisions to adopt chemical pesticide-free farming practices. The results of a regression model showed that farmers who adopted chemical pesticide-free farming practices had higher income. Aside the chemical pesticide-free adoption factor, the results showed that farmers’ income from shallot farming were influenced by level of education, harvested area, type of land ownership, cooperative membership, access to credit, access to extension services, and cost of certified seed. Future research may consider the different level of usage of non-chemical inputs among shallot farmers as the adoption is a process and dynamic, taking into account both other potential determinants of adoption and other potential factors affecting farm profitability, and focusing on shallot traders, wholesalers, retailers, and consumers.</p> <p>Keywords: agricultural production, famers income, pesticide-free, shallot, sustainable agricultural practice</p> Netti Tinaprilla Anisa Dwi Utami Suprehatin Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 175 175 10.17358/jma.19.2.175 Does Climate Change Adaptation Improve Technical Efficiency of Rice Farming? Findings From Yogyakarta Province Indonesia https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40507 <p>Food security of the Indonesian population is threatened because climate change has the potential to reduce technical efficiency of rice production. To adapt and reduce these negative impacts, farmers implement climate change adaptation strategies. This study aims to determine how the effect of climate change adaptation on the technical efficiency of rice farming. Research data was collected through interviews with 112 rice farmers in Sleman Regency. We carried out two stages of analysis, namely stochastic frontier analysis to determine the production function and efficiency level, and tobit regression to determine the effect of adaptation strategy on technical efficiency. The findings indicate that most farmers use short-lived varieties and apply two types of adaptation strategies in one growing season. By increasing the number of adaptation strategies, the technical efficiency of rice farming will increase. These results have important policy implications for increasing the adoption of adaptation strategies by farmers. The government and farmers should collaborate to formulate adaptation strategy policies to provide farmers with a choice of adaptation strategies.</p> <p>Keywords: adaptation, agricultural development, climate change, rice farming, technical efficiency</p> Moh. Wahyudi Priyanto Jangkung Handoyo Mulyo Irham Irham Hani Perwitasari Abi Pratiwa Siregar Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 184 184 10.17358/jma.19.2.184 The Impact of El Nino and La Nina Towards The Prices of Cabbage and Shallot in Indonesia https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/41084 <p>This study examines the impact of El Nino and La Nina on cabbage and shallot prices by applying the spatial correlation analysis method with 34 provinces from 2010 to 2020 to classify affected areas. The next method is a spatial panel with the main variables: rainfall as an indicator of El Nino and La Nina, commodity prices, spatial effects, and other supporting variables such as income, productivity, wages, and COVID-19 dummy. To get the output model, it is necessary to analyze the selection of the best model between the Structural Equation Model and the Spatial Autoregressive. The results of the study provide findings: (1) there are 16 provinces affected by El Nino and La Nina in Indonesia; (2) the best spatial panel model used is Spatial Autoregressive with the resulting La Nina has a large effect on increasing of cabbage and shallots prices because excess soil water content will cause crops and bulbs to rot easily. The spatial aspect has a significant influence, meaning that the price of cabbage and shallots in one area will affect the prices of the two commodities in other areas through distribution patterns. Policy implications of the impact of El Nino and La Nina in this study are classified into managerial, mitigation, and adaptation strategies including the policy of the Regional Inflation Control Team in the form of inter-regional cooperation.</p> <p>Keywords: cabbage, el nino, la nina, shallot, spatial</p> Rizqi Fitriana Hermanto Siregar Lukytawati Anggraeni Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 195 195 10.17358/jma.19.2.195 Determinant and Convergence of Fishers Term of Trade in Indonesia With Spatial Approach https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40627 <p>This study aims to analyze the determinants and convergence of the Fishers Term of Trade (FiTT) and analyze government policies supporting increasing FiTT in Indonesia. The analysis used is the global moran index, dynamic spatial panel data regression, and descriptive analysis. The analysis results show spatial dependencies of FiTT with a clustered pattern. Provinces in quadrants III and IV in quadrant analysis indicate the need to evaluate government assistance policies. The determinants of FiTT in the short and long term are the CPI, government assistance, production value, and labor in the capture fisheries sub-sector. There is a convergence of provincial FiTT with a relatively high speed of 152 percent per year, assuming no significant external shocks exist. The time required to close half of the FiTT is 0,46 years. Policies can be carried out by encouraging programs to increase production, exports, and consumption of capture fisheries. They were maximizing the functions of the Central Information Control Team (CICT) and Local Information Control Team (LICT) in controlling the inflation of consumer goods in rural areas and maintaining the policy of subsidized fuel for small-scale fisheries. Maintain fish price stability at the fisherman's level by strengthening the National Fish Logistic System (NFLS), accelerating the implementation of the Warehouse Receipt System (WRS) for fishery commodities, and improving infrastructure that supports cold storage development, especially electricity availability. In addition, expanding the scope of the business area of PT Perikanan Indonesia and increasing its role as a logistics agency for fisheries.</p> <p>Keywords: convergence, fishermen, FiTT, spatial, welfare</p> Miko Novri Amandra Widyastutik Nimmi Zulbainarni Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 205 205 10.17358/jma.19.2.205 Factors Influencing The Total Sales of Fruits and Vegetables on Digital Platforms https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40763 <p>The development of digital technology and a pandemic have increased online transactions on digital platforms. The most widely used digital platforms for online transactions in Indonesia are Shopee, Tokopedia, and Bukalapak. Digital platforms will become essential actors in the agribusiness system in the future. Fresh agricultural products marketed on digital platforms are included in the fruit and vegetable category. This research aims to analyze the factors that influence the total sales of fruits and vegetables on the digital platforms. The method used in this research is panel data regression. The results show that the effect is positive and negative based on types of products. The number of reviews through digital platforms influences significantly on total fruit and vegetable sales. However, the price does not influence significantly on total sales. Meanwhile, other factors include rating, store type, and promotion provide results of varying significance by commodity. Because review is the most important factor that affect total sales in digital platforms, seller needs to focus on how to control reviews in each digital platform. The understanding can help the seller to increase their total sales.</p> <p>Keywords: digital farmer, e-commerce, marketing, marketplace, robust least squares</p> Diah Khairani Yusman Syaukat Sugeng Budiharsono Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 219 219 10.17358/jma.19.2.219 Covid-19 Pandemic and Volatility of Sugar Price at Regional Level in Indonesia for The Period August 2018-August 2021 https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40964 <p>It is expected that the COVID-19 pandemic provides a significant impact on food price volatility in many products including sugar. The paper aims to analyze the price dynamic of sugar before covid (1st August – 2nd March 2020) and during the covid outbreak (3rd March – 31th August 2021) in all provinces in Indonesia by using the t-test and ARCH GARCH model. Based on Augmented Dickey-Fuller analysis before and during covid, the prices of sugar in Indonesia were stationary at the “first difference”. The results reveal that the prices of sugar in all provinces in Indonesia before covid was lower compared to during the COVID-19 pandemic. According to ARCH GARCH results, sugar prices were much more volatile in Riau, Jambi, West Java, East Nusa Tenggara, West Kalimantan, South Sulawesi, Central Sulawesi, and West Papua. As such, the government should focus to reduce the price volatility of sugar in these provinces.</p> <p>Keywords: ARCH GARCH, COVID-19, sugar prices, stationarity, volatility</p> Birka Septy Meliany Sahara Mutiara Probokawuryan Fahmi Salam Ahmad Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 229 229 10.17358/jma.19.2.229 Garlic Business Model Development Strategy: Canvas Model Business Approach https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/42346 <p>Garlic is one of the commodities developed in the country as an effort to achieve self-sufficiency and reduce imports. This study aims to identify the existing business models in the garlic production centers and develop garlic ideal business models using Business Model Canvas (BMC) approach. The others purpose is to identify the critical points of existing business models and formulate policy recommendations for developing garlic business models to support production. The study used primary and secondary data. The primary data was obtained from a survey conducted in 2021 at garlic production centers with purposive sampling methods such as Karanganyar Regency, Boyolali Regency, and Magelang Regency. The analysis shows that key partner elements, customer segments, and channels are the critical point. Thus, to develop the garlic business model, it is necessary to carry out synergy and collaboration of stakeholders (key partners) to overcome critical activities, essential resources, customer segments, partnerships, channels, and value co-creation. As a result, it will improve garlic farmers' cost structure and revenue stream, so garlic production can increase to meet domestic needs.</p> <p>Keywords: bmc element, business model canvas, collaboration, garlic, synergy</p> Widyastutik Dewi Setyawati Farida Ratna Dewi Sri Retno Wahyu Nugraheni Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 239 239 10.17358/jma.19.2.239 Business Development Strategy of Instant Ginger Start-Up in The Covid-19 Pandemic https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40582 <p>COVID-19 has changed people's lifestyles and transaction behavior. People switch to a healthier lifestyle and use digital marketing for daily transactions. Arvan Natural Group, a start-up company that produces ginger powder, must be able to optimize these opportunities. The increment of a competitor in the health drink sector has even tighter competition. In addition, this company faces several problems regarding raw materials (continuity and quality), product development, and limited channels. Therefore, this study aims to identify existing business models, develop alternative strategies, prioritize business strategies, and build a new business model. The data processing technique thoroughly analyzes BMC, SWOT, IFE/EFE, and QSPM. Experts working in biopharmaceutical research and business give the weights and ratings. IE matrix showed the company's position is in quadrant II (2.92, 3.02). It is categorized as grow and build strategy. Based on QSPM analysis, strategies classified as high urgency and plotting in the new business model are expanding channels (strategic location, reseller system), adding advertisement budget and joining promotion events, and applying for bonus promotion. Besides, there are differentiating products, creating an operational partnership system with farmers, improving marketing content (video), applying the functional structure of human resources, and creating product size variety.</p> <p>Keywords: BMC, digital marketing, lifestyle, QSPM, SWOT</p> Arif Dzulfikar Siti Jahroh Mochammad Mukti Ali Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 251 251 10.17358/jma.19.2.251 Effects of Subjective Norm, Attitude and Consumer Desire Toward Intention to Purchase Indonesian Herbal https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40100 <p>Jamu is a traditional Indonesian medicinal beverage that has been a heritage product for generations. This research focuses on testing latent constructs used in empirical models to measure the intention of consumers to purchase Javanese Traditional Herbal Medicine Beverage, which is called Jamu or Indonesian herbal. This study involved 318 survey responses from society in Central Java, Indonesia. Data were collected using purposive sampling and analyzed using structural equation modeling (SEM) with AMOS. The results showed that two hypotheses were rejected of the six hypotheses tested there. Subjective norms are proven to positively affect consumer attitudes and desires but do not significantly to consumer purchase intention on Jamu. Furthermore, consumer attitude successfully contributed positively to increasing consumer desire but insignificant toward consumer purchase intention on Jamu. The other findings revealed that consumer attitude has the greatest role in increasing consumer desire, and consumer desires proved the best precursor of consumer intention to purchase Jamu.</p> <p>Keywords: subjective norm, attitude, intention, jamu, java</p> Gunarso Wiwoho Sulis Riptiono Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 265 265 10.17358/jma.19.2.265 Factors Influencing Consumer Purchase Decisions for Aqua Life Indonesia Products: Analysis of Ecolabel Awareness, Green Marketing Mix, and Brand Image https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40607 <p>This study aims to answer two main objectives. The first is to answer the current eco-label, green marketing mix, and brand image of AQUA Life, and the Second is to answer how eco-label awareness, green marketing mix, and brand image influence consumer purchasing decisions. The study was conducted from November to December 2021. The data collected in this study were primary data obtained from a questionnaire survey in Indonesian, which was distributed via the Google Form link using the Ordinal scale. The sampling method (respondents) used is purposive sampling. The data was processed and analyzed using Structural Equation Modeling. The study's results obtained 105 respondents and showed that the eco-label awareness variable did not significantly affect consumer purchasing decisions for AQUA Life products. The green marketing mix and brand image variables positively and significantly impact consumer purchasing decisions for AQUA Life products. A green marketing mix has a significant effect on brand image. Producers and the government must provide more education to consumers to gain more knowledge about the use of environmentally friendly products and their benefits.</p> <p>Keywords: brand image, consumer purchasing decisions, ecolabel awareness, green marketing mix, structural equation modeling</p> Nabilla Shafira Ma'mun Sarma Irni Rahmayani Johan Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 274 274 10.17358/jma.19.2.274 The Critical Role of Social Capital in Hotel Business Resilience https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/42347 <p>The COVID-19 outbreak provides the tourism industry incalculable lessons. Many businesses are concentrating on resilience, but few have explored the potential benefits of social capital. This article explains how utilising social capital might help business hotels boost their resilience during times of crisis. Social capital is inextricably linked to social networks, group collaboration, and trust among internal and external stakeholders. The research conducts in March to August 2021. The data was assessed qualitatively through interviews with four informants from the hospitality industry (Hotel Managers) and hotel associations. According to the research, social capital manifests itself in a variety of ways to assist hotels in times of difficulty. Internally, fighting a pandemic requires a willingness to compromise, with the hotel's leadership and creativity playing a critical role. Externally, the government's and associations' roles have a significant impact on hotel resiliency. Collaboration with associations and other external parties has been demonstrated to assist hotels during times of crises. Social capital cannot be created instantly but must be nurtured from the beginning of the hotel's operations. In turn, the social capital that has been established will ensure the hotel's long-term sustainability facing challenges.</p> <p>Keywords: social capital, hotel resilience, COVID-19, tourism industry, business sustainability </p> Ersy Ervina Adrian Agoes Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 288 288 10.17358/jma.19.2.288 The Influence of Superior Leadership Competency on The Achievement of Key Performance Indicators of SOE Banks https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/42348 <p>This research examines the effect of superior leadership competence in achieving key performance indicator (KPI) Bank XYZ as a State Own Enterprise (SOE). The number of respondents was 318, and the data was processed using Structural Equitation Modeling (SEM) Lisrel 8.80 model 1. The results supported the hypothesis that (1) leading business competence affects superior leadership, and it is acceptable; (2) competence of leading people and organizations influencing superior leadership is acceptable; and (3) superior leadership influences achievement of KPI, which is acceptable. In contrast, superior leadership is determined by transformational and transactional leadership variables. The dimension of transformational leadership that received the highest of scores 5 (strongly agree) from employee was inspirational motivation. Leaders motivate and inspire employees by speaking optimistically about the company's future, speaking enthusiastically about what the company needs to achieve, articulating an achievable vision for the future, as well as convincing and expressing confidence in the goal.</p> <p>Keywords: leading business competence, leading people and organization competence, superior leadership, transformational leadership, transactional leadership</p> Aryanto Purwadi Bonar M Sinaga Anggraini Sukmawati Alex Denni Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 297 297 10.17358/jma.19.2.297 Determinants and Alternative Strategies in Improving The Financial Performance of Sharia Commercial Banks in Indonesia https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/42349 <p>This study is to examine the impact of internal and external factors on the profitability of Islamic commercial banks and to provide suitable solutions for enhancing their financial performance. This study utilizes original data collected from Islamic banking specialists that have experience, professionalism and a proven track record, as well as are true experts in their disciplines. Secondary data are gathered from the Financial Services Authority's (OJK) annual report on the financial performance of Islamic banks in Indonesia for the period 2013-2020 and 2013-2020 macroeconomic data. Using qualitative descriptive, panel data regression, and Analytical Hierarchy Analysis (AHP), the data were evaluated. The results of the study indicate that Bank Muamalat is the bank with the worst performance, whereas BTPN Syariah is regarded as the most outstanding since it is the sharia bank with the best performance. Only BOPO and FDR have a substantial impact on the profitability of Islamic Commercial Banks (ROA), with BOPO having a negative impact and FDR having a favorable impact. Inflation and the BI Rate have no substantial impact on profitability as external factors. As the primary approach, Sharia commercial banks must improve services and develop business segmentation based on risk tolerance. Trust and capital are the most crucial aspects in the success of this strategy. Directors as top-level managers play a crucial role in setting the direction of business policies and objectives, whereas employees play a part in the successful implementation of strategies. The ultimate objective of this strategy is to enhance consumer confidence and maximize profitability.</p> <p>Keywords: analytical hierarchy process (AHP), financial performance, financial service authority (OJK), islamic banking and profitability</p> Hendro Sasongko Hamzah Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 307 307 10.17358/jma.19.2.307 The Characteristics of Government Sukuk Return Volatility Before and During Covid-19, and After Implementation of Primary Dealer System https://jagb.journal.ipb.ac.id/index.php/jmagr/article/view/40227 <p>Government Sukuk (SBSN) has been launched since 2008, but it assumed illiquid. Therefore, the Ministry of Finance in 2020 regulates primary dealer for SBSN. At the same time, the restrictions on mobility due to the Covid-19 Pandemic in 2020 triggered negative sentiment. It increased volatility in the capital market. Asymmetric volatility occurs when market crash. The purpose of this study is to identify characteristics of government sukuk return volatility before and during the Covid-19 pandemic and after the implementation primary dealer system using EGARCH. The results show that SBSN responds to shocks more quickly during the pandemic. The benchmark series responds to shocks faster than non-benchmark. Moreover, during the pandemic, PBS04, PBS05, PBS07 and PBS22 were categorized high risk-high return. PBS02, PBS11, PBS14, PBS19, and SR10 were categorized low risk-low return. PBS17, PBS12, PBS15 and PBS21 were catogerized high risk-low return. PBS02, PBS14, PBS19, PBS17, PBS12 and SR10 have negative asymmetric return volatility. Furthermore, SBSN benchmark series PBS05 and PBS25 were categorized high risk-high return, PBS02 were categorized low risk-low return, and PBS026 were categorized high risk-low return. Most of the benchmark series have negative asymmetric return volatility.</p> <p>Keywords: Asymmetric volatility return, Covid-19, EGARCH, government sukuk, primary dealer</p> Tia Rahmina Noer Azam Achsani Moch. Hadi Santoso Copyright (c) 2022 Jurnal Manajemen & Agribisnis 2022-07-29 2022-07-29 19 2 319 319 10.17358/jma.19.2.319