Sofiatin Nur Afifah, Isnaini Rosyida, Webbyani Kartika Sari
This study aims to analyze the effect of Blockchain technology adoption and corporate transparency on firm value, with audit quality as a moderating variable, in State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange for the 2021–2025 period. The study used a quantitative approach with secondary data obtained from annual reports and company financial statements. The sample was determined using a purposive sampling technique, resulting in 13 SOEs with a total of 65 observations. Data analysis was performed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method through SmartPLS. The results showed that Blockchain technology adoption had a positive and significant effect on firm value (β = 0.287; t = 2.806; p = 0.006), while corporate transparency had no significant effect on firm value (β = 0.020; t = 0.180; p = 0.857). Audit quality also has a positive and significant effect on firm value (β = 0.490; t = 8.187; p < 0.001). As a moderating variable, audit quality is proven to strengthen the influence of Blockchain technology adoption on firm value (β = 0.195; t = 2.744; p = 0.007), but is unable to moderate the relationship between corporate transparency and firm value (β = -0.068; t = 0.955; p = 0.341). These findings indicate that Blockchain implementation supported by high audit quality can increase investor confidence and firm value, while corporate transparency has not been a major factor in increasing firm value in SOEs.
This study aims to analyze the comparative performance of Cryptocurrency Bitcoin, Stocks, and Gold as investment instruments using performance measurement variables including the Sharpe, Treynor, Jensen, and Sortino ratios. This research employs a descriptive quantitative approach. The population consists of monthly closing prices of Bitcoin, IDX30 stocks, and Gold. The sampling technique used is saturated sampling, resulting in 60 data points for each investment instrument—Bitcoin, IDX30 stocks, and Gold—during the period from January 1, 2020 to December 31, 2024.The analytical method applied is comparative analysis using secondary data. The data were initially calculated using Microsoft Excel and subsequently processed statistically using SPSS through the Kruskal–Wallis test. The results indicate significant differences among Bitcoin, IDX30 stocks, and Gold when investment performance is assessed using the Sharpe, Treynor, Jensen, and Sortino indices.Based on the Kruskal–Wallis test, Gold demonstrates the best performance according to the Sharpe and Jensen indices, IDX30 stocks perform best according to the Treynor index, and Bitcoin shows the best performance according to the Sortino index. However, based on the highest overall average return value, Cryptocurrency Bitcoin outperforms the other instruments. Therefore, it can be concluded that the best alternative investment is Cryptocurrency Bitcoin. Penelitian ini bertujuan untuk menganalisis perbandingan kinerja Cryptocurrency Bitcoin, Saham, dan Emas sebagai instrumen investasi menggunakan variabel pengukuran kinerja Sharpe, Treynor, jensen, dan Sortino. Jenis penelitian merupakan kuantitatif Deskriptif. Populasi yang digunakan merupakan harga penutupan bulanan dari Bitcoin, IDX30, dan Emas. Teknik pemilihan sampel adalah sampel jenuh yang berjumlah 60 data untuk masing-masing instrumen investasi Bitcoin, Saham IDX30, dan Emas selama periode 1 januari 2020 – 31 Desember 2024. Metode analisis yang digunakan adalah metode komperatif dan menggunakan data sekunder. Data dihitung terlebih dahulu dengan menggunakan program Microsoft Excel kemudian diolah secara statistik menggunakan aplikasi SPSS yaitu Uji Kruskall-Wallis. Hasil penelitian menunjukkan bahwa terdapat perbedaan yang signifikan antara Bitcoin, Saham IDX30, dan Emas jika kinerja investasi dilihat dari Indeks Sharpe, Treynor, Jensen, dan Sortino. Berdasarkan uji Kruskal-Wallis, investasi terbaik menurut indeks Sharpe dan Jensen , adalah Emas, sedangkan menurut Indeks Teynor Saham IDX30, dan menurut Indeks Sortino adalah Cryptocurrency Bitcoin. Sedangkan dengan nilai jumlah rata-rata terbaik adalah Cryptocurrency Bitcoin. Sehingga dapat disimpulkan bahwa alternatif investasi terbaik adalah Cryptocurrency Bitcoin.