Level Of Return Research Articles

Pembentukan Portofolio Saham Yang Optimal Dengan Menggunakan Model Markowitz Sebagai Dasar Penetapan Investasi Saham Pada Jakarta Islamic Index

This research was conducted on the basis of the increasing number of investors who choose to invest their funds in stocks, which is indicated by the increasing positive sentiment on stock investments compared to other investments. Formation of a portfolio with the Markowitz Model is one model that can be used to form a portfolio, because with this model a portfolio can be formed according to the characteristics of the desired investment and the objectives to be achieved. The results of this study indicate that there are eleven stocks that are included in the optimal portfolio with the Markowitz model on the Jakarta Islamic Index, including: PT. Aneka Tambang Tbk (ANTM), PT. Ciputra Development Tbk (CTRA), PT. XL Axiata Tbk (EXCL), PT. Indofood CBP Sukses Makmur Tbk (ICBP), PT. Vale Indonesia Tbk (INCO), PT. Indofood Sukses Makmur Tbk (INDF), PT. Kalbe Farma Tbk (KLBF), PT. Semen Indonesia (Persero) Tbk (SMGR), PT. Telekomunikasi Indonesia (Persero) Tbk (TLKM), PT. Unilever Indonesia Tbk (UNVR) and PT. Wijaya Karya (Persero) Tbk (WIKA). The levels of risk and return generated from the formed portfolio are: 1) the optimal portfolio approach with the smallest risk has a risk of 1.2% and a return of 0.06%, 2) the optimal portfolio approach with the largest risk has a risk of 3% and a return of 0, 24%, 3) the optimal portfolio approach with short sales has a risk of 1.16% and a return of 0.04%.

Selection Among Two Competing Objectives for an Optimal Portfolio with Respect to the Investor's Attitude

<p>A portfolio is a bundle of securities in which investment is done in order to earn maximum returns. Variation in returns is inevitable and this variation around the expected return is called the risk. The return and risk move together due to which the maximum returns are invariably associated with the maximum risk. Hence finding the proportion of money to be invested in individual securities in such a way that the return is maximized may be a good idea for the investors who are willing to take risk. But for the investors who have an aversion towards risk, the objective of maximizing the return may not be a good idea. This study moves with the question of identifying the most suitable objectives among the two alternatives: Risk minimization and Return maximization. In general, Portfolio management is done by,</p> <ul> <li>Maximizing the return for a given level of risk or</li> <li>Minimising the risk for a given level of return.</li> </ul> <p>The effect of these two objectives on the return and risk of the portfolio are studied with randomly selected securities in this study. The study attempts to suggest appropriate objectives for the risk taking and risk averting investors.</p>

Portföy Optimizasyonuna Yönelik Ampirik Bir Karşılaştırma: Oyun Teorisi ve Modern Portföy Teorisi

Portföy optimizasyonu gerçekleştirebilmek için menkul kıymetlerin ne zaman ve ne oranda portföye dâhil edilmesi gerektiğinin belirlenmesine ihtiyaç duyulmaktadır. Bu doğrultuda kullanılan modellerden oyun teorisi, minimaks ilkesi ile en düşük risk seviyesinde gerçekleşebilecek en yüksek getirili portföyü oluşturmayı amaçlamaktadır. Modern portföy teorisi ise, verilen risk düzeyinde en yüksek getiriyi sunan ya da verilen getiri düzeyinde riski en düşük portföylere ulaşmayı hedeflemektedir. Çalışmada, Borsa İstanbul'da 2013-2021 yılları arasında kesintisiz her ay işlem gören, işlem hacmi en yüksek 200 hisse senedi kullanılarak, oyun teorisi minimaks ilkesi kapsamında 12 ayrı doğrusal programlama modeli ve modern portföy teorisi kapsamında 12 ayrı kuadratik programlama modeli çözülerek her ay için optimum portföylerin oluşturulması amaçlanmıştır. Her iki teori kapsamında ulaşılan portföylerin performansları, gerek kendi aralarında gerekse alternatif yatırım araçlarının getirisi ile karşılaştırılmıştır. Elde edilen bulgular, geçmişe dönük analizde modern portföy teorisinin; geleceğe dönük uygulamada oyun teorisinin oluşturduğu portföylerin daha başarılı sonuçlar verdiğini ortaya koymaktadır.

EFFECT OF CAPITAL ADEQUACY RATIO (CAR), NET INTEREST MARGIN (NIM), AND LOAN TO DEPOSITS RATIO (LDR) ON RETURN ON ASSET (ROA) IN PT BANK NEGARA INDONESIA PERSERO TBK PERIOD OF 2011-2021

One measure to assess the level of soundness or performance of a bank's profitability is Return On Assets (ROA). The level of Return On Assets (ROA) is used to measure bank profitability and focuses on the company's ability to earn profits in its operations, Bank Indonesia sets a minimum amount of Return On Assets (ROA) of 1.5%. However, the Return on Assets (ROA) at PT Bank Negara Indonesia Persero, Tbk for the 2011-2021 period fluctuated with a downward trend. Many factors can affect the rise and fall of Return On Assets (ROA). This study aims to explain the effect of Capital Adequacy Ratio (CAR), Net Interest Margin (NIM), and Loan to Deposits Ratio (LDR) on Return On Assets (ROA). This research uses quantitative methods with descriptive and verification approaches. The type of data is secondary data sourced from www.idx.co.id and the annual report of PT Bank Negara Indonesia, Tbk. The data analysis method used is descriptive analysis and verification analysis (classical assumption test, multiple regression analysis, correlation coefficient analysis, coefficient of determination analysis, and hypothesis testing). The results showed that: 1) Return on Assets (ROA) fluctuated with a downward trend with an average of 2.53% and a standard deviation of 0.87. 2) Capital Adequacy Ratio (CAR) fluctuates with a downward trend with an average of 17.97% and a standard deviation of 1.59. 3) Net Interest Margin (NIM) fluctuated with a downward trend with an average of 5.63% and a standard deviation of 0.68%. 4) Loan to Deposits Ratio (LDR) fluctuates with an increasing trend with an average of 84.79% and a standard deviation of 6.36. 5) Capital Adequacy Ratio (CAR) has no significant effect on Return On Assets (ROA). 6) Net Interest Margin (NIM) has a significant effect on Return On Assets (ROA). 7) Loan to Deposits Ratio (LDR) has no significant effect on Return On Assets (ROA). 8) Capital Adequacy Ratio (CAR), Net Interest Margin (NIM), and Loan to Deposits Ratio (LDR) simultaneously (together) have a significant effect on Return On Assets (ROA). With the influence contribution of 67.50%, while the remaining 32.50% is influenced by other factors that are not included in the study.

User Awareness in using Multi-Use containers in Delivery Restaurants: Focusing on Consumers and Merchants in Seoul, South Korea

The amount of synthetic resins in household waste, generated 7850.7 tons/day in South Korea, in 2020. As an effort to reduce disposable plastic waste, multi-use container related businesses are being promoted both at the domestic and international levels. In this basic study of infrastructure, a perception analysis of consumers and merchants was conducted through a survey to spread the use of multi-use containers in Korea. The survey sample included 800 consumers (300 from Seodaemun-gu; 500 from other regions) and 311 merchants (Seodaemun-gu) of Seoul. The survey was divided into three categories: “Usage/Operation status of food delivery service,” “Awareness regarding using multi-use containers,” and “Attitudes towards multi-use container infrastructure.” The results regarding “usage/operation status” of both consumers and merchants indicate that they were aware that the high proportion of delivery order frequency and sales is impacting their lives in diverse ways, and of the seriousness of the generation of disposable wastes. In terms of “Awareness of using multi-use containers,” the hygiene management of multi-use containers and partnership of infrastructure-related institutions were considered important. For important factors in standardizing containers, stainless steel was considered useful for sauces, side dishes, and stew/soups, and standardization of size needed to be prioritized. In addition, consumers'' appropriate deposit level and convenience of return needed to be considered together. “Attitudes towards multi-use container infrastructure” displayed an the overall neutral attitude, although consumers had a slightly higher business affinity than merchants. In order to induce participation, it is necessary to consider providing incentives as well as granting responsibility for solving environmental problems. In the future, system improvement for standardization, such as establishing a logistics system and hygiene standards, should be carried out with pilot projects.

METHODOLOGICAL APPROACHES TO THE FORMATION OF AN AGRICULTURAL PRODUCTION DIVERSIFICATION STRATEGY IN UKRAINE

Introduction. In the modern conditions of management in the agrarian sphere, the search for approaches, methods and methods of accelerating the development of the agrarian economy based on the use of the advantages of diversification has intensified. It is obvious that the orientation towards the use of the effects of diversification of production activities in agricultural production requires the establishment of systematic monitoring of the environmental factors of their functioning and the vector of their influence on the growing dynamics of production volumes and the stability of corporate structures. Methods. General scientific and special methods of learning phenomena and processes in the sphere of economic activity of enterprises were used to achieve the set goal, in particular: systemic approach − when studying the connections between phenomena and processes in the system of ensuring diversified development; comparative − for evaluating the efficiency of activity and comparing the levels of diversification of production of agricultural products; calculation-constructive – when substantiating directions of diversification of production; the method of asset portfolio analysis, simulation modelling − to substantiate the company's production program; dialectical, abstract and logical − when making theoretical generalizations, formulating conclusions. Results. For the formation of a diversification strategy, it is advisable to take into account the influence of the constituent factors of the external and internal environment of the functioning of agricultural enterprises, the level of their use of production potential and the economic risks that accompany their activity. When identifying the factors of the external and internal environment of the functioning of agricultural enterprises, we optimized their composition and proposed a system of indicators, which is combined into two groups: aggregate potential and economic risk. With the use of economic and mathematical methods, it was determined that the first cluster included administrative districts of the Kyiv region, where the economic conditions for the functioning of economic entities are the most attractive for the management of multidisciplinary agricultural enterprises; the second cluster is characterized by an average level of attractiveness; the third cluster is formed from the least attractive or risky areas for agricultural production and development of diversification. Discussion. Ukraine's membership in the EU will require new approaches to the assessment of specialized regions of Ukraine, using a cluster approach, which will ensure a high level of return on investments, including in the form of state and regional support, which will significantly increase the level of competitiveness of domestic producers and processors of agricultural products. All this will require our further research. Keywords: strategy, diversification, agricultural production, risk, production activity.

Comparison of Portfolio Mean-Variance Method with the Mean-Variance-Skewness-Kurtosis Method in Indonesia Stocks

In this paper, we compare the optimal portfolio weight of mean-variance (MV) method with mean-variance-skewness-kurtosis (MVSK) method. MV is a method to get weight on a portfolio. This method can be developed into the method of MVSK with attention to the higher-order moment of return distribution; skewness and kurtosis. In determining the weight of portfolio is also important to consider the skewness and kurtosis of return distribution. This method of considering the aspect of skewness and kurtosis is called the MVSK method with the aim of maximizing the level of return and skewness and minimizing the risks and exceeding of kurtosis. The result indicate that the optimal portfolio return of all methods is MVSK method with minimize variance priority.

COMPABILITY FUNDING OF THE HALAL INDUSTRY BASED ON THE ABNORMAL RATE OF ISSI STOCK RETURN

This article aims to test the suitability of sharia funding by referring to the MUI Fatwa on the halal industry in the Indonesian capital market with a benchmark of sharia compliance based on. Event study before and after the Covid-19 pandemic, where the focus of the problem and the hypothesis of this research is on whether there is a change in the level of abnormal Return of the 30 ISSI stock samples. Observations were made before the government's announcement about Covid-19 pandemic, which was around the end of january 2020 and after entering the new normal, which was around the beginning of August 2020. The results of this study indicate that the significant figures both before and after the Covid-19 pandemic on ISSI sharia shares are less than 0.05, which means that ISSI shares do not have abnormal returns, so the research results are in line with the MUI Fatwa Article 5 concerning Securities Transactions. Article 5 discusses transaction mechanisms that are not allowed such as gharâr, maysîr, usurî, and risywah speculating and manipulation. To be appropriate because what is meant by abnormal returns in the capital market is often influenced by speculation and manipulation so that prices are no longer reasonable. The research hypothesis is rejected as an alternative to continuously to trust investor funding in the Indonesian islamic capital market industry.

Foreign Direct Investment and the Robustness of Host-Country Commitment

This paper presents a model of a forward-looking government wooing foreign direct investment by enacting policies that reflect its commitment to the foreign enterprise. The ease with which the government is able to spend or carry out economic reform to complement the foreign venture evolves over time and influences the likelihood of its sustained commitment. The domestic and external strength of the government, the stability and not necessarily the level of returns from the project, venture-specificity of government spending or reform, and public and elite attitudes toward foreign commercial entry determine how invested the government remains in the long term success of the enterprise. More committed governments tend to be stronger and prefer robust investor-regime relationships. Reform that is not designed too narrowly to favor the investor is also less likely to be reversed later. Like pro-FDI public sentiment, a noisy policy environment induces deeper government commitment.

System approach to assessing the efficiency of manufacturing business

The purpose of this study is to theoretically and methodically substantiate the need to use a systematic approach to assessing the effectiveness of business activities. To achieve the goal of the scientific study, the main tasks were identified: to analyze the efficiency of working capital use, to study the return on fixed capital and to give a generalized assessment of the profitability of capital invested in business development. In accordance with the tasks outlined in the article, the main vectors of scientific research were identified, for which such analytical methods as comparison and generalization, deterministic factor analysis, and grouping of economic indicators were used. The key goal of any business, including manufacturing, is to increase profits and improve efficiency. In this regard, there is a need to evaluate business performance. In practice, such an assessment is usually based on the use of a basic indicator of profitability of production. However, this approach does not allow identifying and realistically assessing the main causes of certain changes in profitability. Given the importance of making management decisions for the future, a systematic approach should be used to assess the effectiveness of the production business. The system approach is based on the study of the dynamics of a number of indicators, answering the question of what is the level of return on total invested capital, working capital and fixed capital of the business. The article presents practical data of a production company with efficiency calculations using different methods: the traditional method and the method based on the system approach. The results of the calculations presented in the tables confirm the advantage of the system approach. The theoretical and methodological provisions discussed in the article, as well as the practical example given are the basis for recommendations for the use of the system approach in assessing the effectiveness of manufacturing business.

Impact of Big-five Personality Traits on Investor's Risk Attitude

The financial personality of an individual plays a crucial role in the investment decision-making process, considering the expected level of risk and return. This study investigated the impact of personality traits on the risk-taking attitude of potential investors in the Ludhiana district of Punjab, North India. Hence, the study adopted the descriptive research design with a snowball sampling technique. The study modified the big five personality traits instrument according to the need and a structured questionnaire administered to over fifty investors. Statistical techniques like descriptive statistics, KMO, and Bartlett test of Sphericity and Exploratory Factor Analysis were used to process the collected information. The findings revealed that extrovert personalities were more prone to high-risk investments, whereas conscientious investors avoid risky investments. This study also disclosed the significant relationship between personality traits and attitudes to risk. The study could be further extended to larger sample size and to other geographical areas to solicit the results effectively.

Geopolitical risk and the systemic risk in the commodity markets under the war in Ukraine

We evaluate the transmission of returns and volatility in the universe of commodities around the war in Ukraine. The total volatility spillover increases from 35% to 85%, exceeding the level seen during the pandemic. The role of commodities changes in both return and volatility spillover systems. Crude oil becomes a net transmitter of return spillovers whereas wheat and soybeans become net receivers of return spillovers. Silver, gold, copper, platinum, aluminium, and sugar become net transmitters of volatility. Geopolitical risk Granger causes the spillover indices. High levels of return and volatility spillovers are associated with high levels of geopolitical risk.

Varieties of funds and performance: the case of private equity

ABSTRACT Within the growing body of literature on private equity, there is intense controversy as to whether, and by how much, the industry really adds value. However, much of the diversity in results can be ascribed to a tendency to focus on a subset of private equity fund types of venture capital and buyout funds or combine very different fund types. This study identifies and explores variations in performance according to eleven different types of fund, providing a much more fine-grained picture than preceding studies. We evidence considerable heterogeneity in performance results between fund types, with funds typically associated with riskier areas of activity having divergent outcomes and generally underperforming compared to buyout funds. We also find that all eleven fund types outperform the stock market when evaluating PMEs. We explore why underperforming fund types continue to attract significant investment. We apply agency theory to help understand general partner behaviour in private equity partnerships and building on the literature on the economics of expectation and of systemic evolution to explain limited partner behaviour, draw out the implications for theory and practice. Highlights An analysis of the relationship between a much wider range of PE fund types than preceding studies, and performance. Explanatory application of agency, expectations, and evolutionary theories. We evidence considerable heterogeneity in the performance of different types of fund. Funds typically associated with riskier areas of activity generally underperform buyout funds. We explore possible explanations behind mediocre or superior returns for specific fund types and why levels of return for some exhibit much more diversity than others.

ALLOCATION OF CAPITAL INVESTMENTS OF AN OIL COMPANY BASED ON INDEPENDENT OPPORTUNITY INFORMATION

To solve the problem of investment allocation with optimization of the total level of return on investment for projects under conditions of risk associated with uncertainty of project income, a linear combination with non-negative coefficients of two loss-making models was used: the model of the usual minimax loss-making and the model of the minimax loss-making level. The problem of probabilistic programming obtained as a result of this combination, provided that the probabilistic variables characterizing the profitability of investments in projects are independent (unrelated), is reduced to a linear programming problem. The solution of this problem by the simplex method gives a vector of the equity distribution of investments that determine the total return of investments by the criterion of the minimum of the loss function. On the basis of the proposed approach to the optimal solution of the problem of investment allocation, an algorithm for project investment planning has been developed using a database of invested and returned funds for projects in previous planning periods, according to which distributions of possible investment returns are modeled. The numerical implementation of the algorithm is illustrated by the example of investment planning in an oil company for oil and gas production projects. Keywords: probability programming, investments, investment portfolio, minimax criterion, loss-making function, return on investment, income, concentrated distribution, probability distribution, measure of opportunity, measure of necessity, fractile model, probability variable, fuzzy variable membership function.

PORTFOLIO DIVERSIFICATION WITH BITCOIN. EVIDENCE FROM INSTITUTIONAL INVESTORS PERSPECTIVE

The paper investigates the empirical verification of the efficacy of investment diversification using the main stock exchange indices in the Eurozone countries and Bitcoin. The paper also investigates whether and to what extent it is desirable for institutional investors, in addition to traditional financial instruments, to invest in Bitcoin. The aim of the research is to examine whether it is justified and to what extent to include Bitcoin in the portfolio of an institutional investor. Through this research, an attempt is made to find an answer to the research question: “What share of Bitcoin in the portfolio structure is justified, taking into account the ratio of return and risk”? The analysis includes data on the daily movement of selected action indices as well as the movement of Bitcoin. The methodology involves the analysis of high-frequency data, given that daily trading data were used. The results show that it is justified to include Bitcoin in the portfolio structure. Also, the results show which share of Bitcoin in the portfolio is justified from the aspect of institutional investors. The data used in the analysis cover the period from 2019 and 2020. Two portfolios have been created, one without Bitcoin and the other with Bitcoin. The goal in optimization for both portfolios is to minimize risk. The observed period of the analysis is characterized by the crisis caused by the coronary virus pandemic and the period of active bitcoin trading. The results of the research show that Bitcoin is a good source of diversification in a portfolio that contains traditional financial instruments, both for an investor who is not prone to risk, and for those investors who have a greater appetite for risk. The conclusion is that the rational behavior of institutional investors requires consideration of investing in Bitcoin using the Markowitz model. However, given the high degree of volatility, investors should be careful when making decisions about including Bitcoin in their investment portfolio. Bitcoin is an extremely volatile instrument. Given that it is a speculative and highly volatile financial instrument, investors have different views on Bitcoin. First in terms of defining this cryptocurrency and then in terms of including this instrument in the investment portfolio. By including Bitcoin in the investment portfolio, the goal of diversification has been achieved. This is to reduce the risk of the institutional investor to a minimum. In practice, this means that it is possible to create a portfolio that carries an acceptable level of risk with the desired level of return. Given that Bitcoin is an extremely volatile and consequently - risky instrument, the expected return is also - high. The results of the research show that the cryptocurrency Bitcoin can serve as a desirable instrument for diversification of the investment portfolio when looking at a portfolio that includes stock indices. The results suggest that it is desirable to include in the structure of the portfolio a certain share of Bitcoin, about 6%.

Expected Stock Returns When Interest Rates Are Low

The equity risk premium is generally considered to be a reward that investors earn on top of the prevailing risk-free return, implying that, all else equal, total expected stock returns should increase with the level of the risk-free return. We examine whether this notion is true using long-term historical data. Our statistical tests strongly reject the hypothesis that a higher risk-free return implies higher total average stock returns. Instead, expected stock returns appear to be unrelated (or perhaps even inversely related) to the level of the risk-free return. Thus, the equity risk premium tends to be higher when the risk-free return is low and vice versa. This result appears to stem from the operating performance of firms. Our findings challenge the conventional wisdom about expected stock returns and have important implications for asset allocation decisions, in particular when risk-free rates are at extreme levels.

ОСОБЛИВОСТІ ДИВЕРСИФІКАЦІЇ ТА РЕБАЛАНСУВАННЯ ПОРТФЕЛЯ ЦІННИХ ПАПЕРІВ: АСПЕКТИ ОРГАНІЗАЦІЇ ДІЯЛЬНОСТІ ІНВЕСТИЦІЙНИХ ФОНДІВ

Features of diversification and formation of individual parts of the securities portfolio, as well as the parameters of bringing it to the planned parameters have a significant impact on investment efficiency and risk. The urgency of rebalancing the securities portfolio in the activities of investment funds has been clarified, as such entities often have a certain policy on the structure of assets and liabilities. The aim of the work is to clarify the features of rebalancing the securities portfolio, which ensure the optimal parameters for the level of return on investment and risk. The need to rebalance the portfolio of securities in the long run due to the objective existence of the life cycle of companies, which determines the importance of timely sale of their shares. The connection between the peculiarities of rebalancing the securities portfolio and the issues of its risk and efficiency is clarified. Features of different types of such rebalancing from the point of view of influence on balance of risk and efficiency are considered. No type of rebalancing can achieve both risk minimization and efficiency maximization. The classification of types of corresponding rebalancing is carried out. The optimality of the type of rebalancing of the securities portfolio depending on the market features is specified: speculative or investments; and the impact of taxation on the intensity of asset purchase and sale transactions was defined. The main disadvantage of this type of rebalancing as profit-taking is a significant increase in taxes and deterioration of the portfolio structure due to the sale of assets, which are constantly rising in price and purchase of bad assets. This type of rebalancing is not optimal for markets (e.g., the US) and stocks that are constantly rising in price, but is appropriate for speculative volatile markets (e.g., China and East Asia) and assets. The main alternative to this type of rebalancing is to record losses or follow a certain index. An example of the practical use of this type is the Vanguard S&P 500 ETF, which completely repeats the structure of the S&P 500 stock index while buying stocks that rise in price and sells, on the contrary, decreased. This type of rebalancing of the securities portfolio is considered optimal for emerging markets and stocks. An alternative to these two types of rebalancing is one that involves the sale of assets only in the event of a loss of fundamental attractiveness. The change of portfolio shares is carried out by purchasing additional assets upon receipt or appearance of cash. However, this almost eliminates the targets of diversification in terms of risk management. Criteria for determining the stage of aging of the company and the time of sale of its shares are proposed. It has been established that holding bonds in a portfolio in order to provide a reserve for acquiring shares at the time of their price fall is advisable only when expecting a nonsystemic crisis, that is, a crisis for an individual asset; in the activities of investment management institutions, the type of rebalancing of the securities portfolio should be a secondary issue, as the economic basis for their economic efficiency in the long run is the selection, purchase and holding of fundamentally attractive shares.

Economical Validation of Residential Solar Power Investment: A Cost–Benefit Analysis Approach

The externalities of investment decisions with regard to residential photovoltaic (PV) systems have been changing rapidly in recent years. This study thoroughly explored these fast-changing dynamics by investigating the costs and benefits of PV investment. Five case studies were analyzed to populate the generalized observations of various PV investment conditions. This research proves that the initially high one-time installation cost can be recouped by measured benefits, although the level of return may vary from state to state depending largely on the financial incentives provided. For those enjoying either low electricity prices or peak sun hours, the results of this analysis did not support the installation of a PV system. These findings provide up-to-date benchmarking results for PV investments that homeowners can reference when assessing the costs and benefits associated with the adoption of PV systems.

Paper 20: Clinical Outcomes and Return to Sport in Patients Undergoing Osteochondral Allograft

Objectives:The purpose of the current study was to evaluate the clinical outcomes and rates of return to play in patients who underwent an osteochondral allograft (OCA) procedure for a symptomatic osteochondral defect in the knee.Methods:A retrospective review of patients who underwent an OCA for an osteochondral defect of the knee, between June 2011 and March 2019 was performed. Return to play, the level of return and the timing of return were assessed. Additionally, the reasons for being unable to return were evaluated. A p-value of < 0.05 was considered to be statistically significant.Results:Overall, there were 103 patients who underwent OCA at our institution and met our inclusion and exclusion criteria. The mean age was 31.8 ± 11 years, and 63.9% were male, with a mean of 44.2 ± 23.3 month follow-up. The overall rate of return to play was found to be 63.1% (N=65), while the rate of RTP at the same or higher level was 32.0% (N = 33). With respect to the patients who were unable to return to their desired sport, reasons cited included pain in the operative knee (N = 18, 47.3%), physical inability to perform in the desired sport (N = 8, 21.1%), and fear of re-injury (N = 6, 15.8%).Conclusions:Overall, there was a poor rate of return to play following OCA. Additionally, the majority of patients were unable to return to play at their pre-injury level.

Does Risk Taking Behavior Drive MSME Innovation During Covid-19 Pandemic?

The study will contribute to the understanding of risk-taking behavior effect on the MSMEs innovation since the risk-taking behavior is the tendency of business owners for engaging in decisions that may have the potential to be dangerous to their business, especially for the family business to do some innovations nowadays, in the pandemic Covid-19 era. For the family business, the appropriate level of return that the business owner will obtain compensates their risk-taking behavior. These researchers used samples that consist of 307 MSMEs owners that categorized as the family business in Indonesia as the respondents by distributing online questionnaires. Furthermore, this paper also used control variables, such as the number of family members involved, generation level, founder-CEO duality, and business capital. This study used binary logistic regression for the analytical model. The results show that the business owner's risk-taking behavior, number of family members involved, generation level, founder-CEO duality, and business capital significantly influence MSMEs innovation in Indonesia.&#x0D;