Jurnal Ilmu Keuangan dan Perbankan (JIKA)

Digi - Insurance – the Case Story of the Potential in the Life Insurance of Sri Lanka

Suresh Paranavitana — Fri, 29 Dec 2023 11:42:15 +0700

This study aims to see how insurance products are developed by life insurance companies operating in Sri Lanka, providing products that are acceptable in the markets where they operate. The essence of this paper is to highlight the ability of direct communication between the insured and the insurer through digital transformation and in facilitating direct (premium payment) transactions between the insured and the insurer through their respective banks. This research uses qualitative research methods with descriptive methods. The research results show that insurance plays a major role in developing life insurance products and is a liaison between the insurer and the insured and in certain cases a facilitator to collect premiums on behalf of the insurer.

Keywords: Brand Communication; Digital Transformation; Insurance Industry Sri Lanka; Life Insurance; Linking Insured and Insurer; Marketing Communication

Abstrak

Kata Kunci: Komunikasi Merek; Transformasi Digital; Industri Asuransi Sri Lanka; Asuransi Jiwa; Menghubungkan Tertanggung Dan Penanggung; Komunikasi Pemasaran

Exploring Financial Performance and Audit Opinions in Indonesian Central Government Agencies

Adam Zakaria — Fri, 29 Dec 2023 00:00:00 +0700

This research aims to develop an accurate prediction model for determining the audit opinions issued by the State Audit Agency based on various factors, such as leverage ratios, solvency ratios, liquidity ratios, revenue effectiveness ratios, expenditure efficiency ratios, and surplus. Observations were conducted on 254 audit financial reports from the period 2017 to 2019 from 86 central government agencies. The resulting prediction model complies with the specified model requirements. Out of the six independent variables tested, only two were found to have a statistically significant impact on their audit opinions, namely liquidity ratios and revenue effectiveness ratios. Meanwhile, the other four variables, including leverage ratios, solvency ratios, expenditure efficiency ratios, and surplus, did not have a statistically significant effect. The results of this study provide insights to ministries and government agencies regarding the importance of financial performance in predicting audit opinions.
Keywords: Bureaucratic Reform; Public Sector Audit; Financial Performances; State Revenue; Fund Management

Abstrak

Penelitian ini bertujuan untuk mengembangkan model prediksi yang tepat untuk menentukan opini audit Badan Pemeriksa Keuangan berdasarkan berbagai faktor, seperti rasio leverage, rasio solvabilitas, rasio likuiditas, rasio efektivitas pendapatan, rasio efisiensi pengeluaran, dan surplus. Pengamatan dilakukan pada 254 laporan keuangan audit dari periode 2017–2019 yang berasal dari 86 instansi pemerintah pusat. Model prediksi yang dihasilkan mematuhi persyaratan yang ditetapkan. Dari enam variabel independen yang diuji, hanya dua yang terbukti memiliki pengaruh signifikan terhadap opini audit, yaitu rasio likuiditas dan rasio efektivitas pendapatan. Sementara empat variabel lainnya, yaitu rasio leverage, rasio solvabilitas, rasio efisiensi pengeluaran, dan surplus, tidak memiliki pengaruh yang signifikan secara statistik. Hasil studi ini memberikan wawasan kepada kementerian dan lembaga pemerintah tentang pentingnya kinerja keuangan dalam memprediksi opini audit.

Kata Kunci: Reformasi Birokrasi; Audit Sektor Publik; Kinerja Keuangan; Pendapatan Negara; Manajemen Dana

The Effect of Firm Size, Credit Risk, Interest Rates, and Liquidity on Bank Profitability: Study on State-Owned Banks in Indonesia

Dedi Supiyadi*, Intan Novita — Fri, 29 Dec 2023 12:57:23 +0700

This study aims to examine the effect of bank size, credit risk, interest rate and liquidity on profitability in state-owned banks listed on the IDX. In this study the authors used a random effects model on a balanced panel data set of all state-owned banks listed on the Indonesia Stock Exchange from 2013 to 2022, consisting of 81 Banks, from the entire research sample for 10 years obtained 50 observations. The results show that credit risk and liquidity have a negative effect on profitability, interest rates have a positive effect on profitability and firm size has no effect on profitability, Overall, the results of this study indicate that all the variables studied, namely credit risk, liquidity levels, interest rates, and firm size, simultaneously influence the profitability of state-owned banks. The findings in this study can provide insights to decision-makers, bank management, and stakeholders regarding strategies to improve the profitability of state-owned banks in Indonesia. This article adds to the literature on indicators that affect state-owned banks' profitability in Indonesia.
Keywords: Firm Size; Credit Risk; Interest Rate; Liquidity; Profitability

Abstrak

Penelitian ini bertujuan untuk menguji pengaruh ukuran perusahaan, risiko kredit, Interest Rate dan liquiditas terhadap Profitabilitas pada Bank BUMN yang terdaftar di BEI. Dalam penelitian ini penulis menggunakan model random efek pada set data panel yang seimbang dari semua bank BUMN yang terdaftar di Bursa Efek Indonesia dari tahun 2013 hingga 2022, terdiri dari 81 Bank BUMN, dari keseluruhan sampel penelitian selama 10 tahun di peroleh 50 observasi. Hasil penelitian menemukan bahwa risiko kredit dan liquiditas berpengaruh negatif terhadap profitabilitas, tingkat suku bunga berpengaruh positif terhadap profitabilitas dan ukuran perusahaan tidak berpengaruh terhadap profitabilitas, Secara keseluruhan, hasil penelitian ini menunjukkan bahwa semua variabel yang diteliti, yaitu risiko kredit, tingkat likuiditas, tingkat suku bunga, dan ukuran perusahaan, secara simultan memiliki pengaruh terhadap profitabilitas Bank BUMN. Temuan dalam penelitian ini dapat memberikan wawasan kepada para pengambil keputusan, manajemen bank, dan pemangku kepentingan terkait strategi untuk meningkatkan profitabilitas Bank BUMN di Indonesia, sekaligus menambah dan memperkaya literature tentang indikator yang mempengaruhi profitabilitas bank BUMN di Indonesia.

Kata Kunci: Ukuran Perusahaan; Risiko Kredit; Bunga; Liquiditas; Profitabilitas

Comparative Evaluation of Portfolio Performance: A Study of Cryptocurrency, Stock, and Foreign Exchange Investments

Pebri Yanida*, Leni Nur Pratiwi, Wahyu Panji Nugrahani — Fri, 29 Dec 2023 12:58:59 +0700

This study aims to provide information about the level of risk, return, and investment performance of cryptocurrency and also compare it with traditional investment instruments such as stocks and dollars. The population in this study is the monthly closing price of Bitcoin, JCI, and Dollar. The sample in this study is the monthly closing price of Bitcoin, JCI, and Dollar in the period January 2020 to December 2022, each of which is 36 data so the number of observations made is 108 data. The analysis technique used in this research is a comparative analysis using the Kruskal Wallis test method using the SPSS 25 analysis tool. The results of this study found that there were significant differences between the performance of Bitcoin, JCI, and Dollar stocks using the Sharpe, Treynor, and Jensen methods.

Keywords: Cryptocurrency; Portfolio Performance; Finance, Risk Measurement; Sharpe, Treynor, and Jensen Methods

Abstrak

Penelitian ini bertujuan menyediakan informasi mengenai tingkat risiko, return, dan kinerja investasi cryptocurrency dan juga membandingkannya dengan instrument investasi tradisional seperti saham dan dollar. Populasi pada penelitian ini adalah harga penutupan bulanan (monthly closing price) Bitcoin, IHSG dan Dollar. Sampel pada penelitian ini adalah harga penutupan bulanan (monthly closing price) Bitcoin, IHSG dan Dollar pada periode Januari 2020 hingga Desember 2022, masing-masing sebanyak 36 data sehingga jumlah observasi yang dilakukan adalah sebanyak 108 data. Teknik analisis yang digunakan dalam penelitian ini adalah analisis komparatif dengan metode uji Kruskal Wallis menggunakan tool analisis SPSS 25. Hasil penelitian ini menemukan terdapat perbedaan signifikan antara kinerja Bitcoin, Saham IHSG dan Dollar menggunkan metode Sharpe, Treynor dan Jensen. Cryptocurrency tidak hanya merupakan mata uang digital, tetapi dapat menjadi pilihan investasi yang sangat menguntungkan, namun karena risiko yang mungkin dihasilkan juga fluktuatif, maka calon investor harus memiliki pengetahuan yang baik mengenai instrument ini.

Kata Kunci: Kriptokurensi; Kinerja Portofolio; Keuangan, Pengukuran Risiko; Metode Sharpe, Treynor, dan Jensen

Analyzing the Financial Resilience of Islamic Banks in Indonesia Amid the COVID-19 Pandemic: A Comparative Study of Stock Price Dynamics

Rita Zulbetti*, Adzirah Muzaffirah — Fri, 29 Dec 2023 12:34:07 +0700

This research aims to analyze the impact of the Covid-19 pandemic on the stock prices of Shariah-compliant banks in Indonesia and test the significance of price differences during the 350 days before and after the Covid-19 outbreak in Indonesia. Stock price data was obtained from the Indonesia Stock Exchange and Yahoo Finance, with the research sample including Bank Syariah Indonesia, BTPN Syariah, and Bank Panin Dubai Syariah. The results indicate that the stock prices of Shariah-compliant banks remained relatively stable during the Covid-19 pandemic and even experienced significant increases after the outbreak. There are significant differences in stock prices before and after Covid-19, as well as differences between the average stock prices of BRIS, BTPS, and PNBS. In conclusion, Shariah-compliant banks listed on the Indonesia Stock Exchange demonstrated resilience and positive growth during the pandemic, with significant differences in stock prices before and after the Covid-19 outbreak.

Keywords: Stock Prices; Islamic Banks; Paired Sample T-Test; One Way ANOVA; Post Hoc Test

Abstrak

Penelitian ini bertujuan untuk menganalisis dampak pandemi Covid-19 terhadap harga saham Bank Syariah di Indonesia dan menguji signifikansi perbedaan harga saham selama 350 hari sebelum dan setelah wabah Covid-19 memasuki Indonesia. Data harga saham diambil dari Bursa Efek Indonesia dan Yahoo Finance, dengan sampel penelitian meliputi Bank Syariah Indonesia, BTPN Syariah, dan Bank Panin Dubai Syariah. Hasil penelitian menunjukkan bahwa harga saham Bank Syariah cenderung stabil selama pandemi Covid-19, bahkan mengalami kenaikan setelah wabah. Terdapat perbedaan signifikan dalam harga saham sebelum dan setelah Covid-19, serta perbedaan antara rata-rata harga saham BRIS, BTPS, dan PNBS. Kesimpulannya, Bank-bank Syariah di Bursa Efek Indonesia menunjukkan ketahanan dan pertumbuhan positif selama pandemi, dengan perbedaan yang signifikan dalam harga saham sebelum dan setelah pandemi Covid-19.

Kata Kunci: Harga Saham; Bank Syariah; Uji-T Sampel Berpasangan; One-Way ANOVA ; Post Hoc Test

Operating Capacity, Sales Growth, Managerial Agency Costs, Ownership Structure on Financial Distress in Indonesian Companies

Fri, 29 Dec 2023 12:41:12 +0700

This research aims to examine the influence of operational capacity, sales growth, managerial agency costs, managerial ownership, and institutional ownership on financial distress. The research method used is both descriptive and verificative. The study's population comprises companies in the transportation and logistics sector listed on the Indonesia Stock Exchange from 2017 to 2021. A total of 23 companies over five years, resulting in 115 data observations, were selected using purposive sampling. Hypothesis testing was conducted using panel data regression analysis. The research findings indicate that operational capacity and sales growth have a significant negative impact on financial distress. However, managerial agency costs and managerial ownership have a significant positive impact on financial distress. Meanwhile, institutional ownership also has a significant negative impact on financial distress. This study contributes to the corporate governance literature by predicting factors related to financial distress and providing empirical evidence for the use of the Springate Method in predicting financial distress.

Keywords: Operating Capacity; Sales Growth; Managerial Agency Costs; Ownership Structure; Financial Distress

Abstrak

Penelitian ini bertujuan untuk menguji pengaruh kapasitas operasi, pertumbuhan penjualan, biaya keagenan manajerial, kepemilikan manajerial, dan kepemilikan institusional terhadap financial distress. Metode yang digunakan adalah deskriptif dan verifikatif. Populasi penelitian yaitu perusahaan sektor jasa transportasi dan logistik yang terdaftar di Bursa Efek Indonesia tahun 2017-2021. Jumlah sampel sebanyak 23 perusahaan selama 5 tahun atau 115 data observasi menggunakan teknik purposive sampling. Pengujian hipotesis menggunakan analisis regresi data panel. Temuan penelitian menunjukkan bahwa kapasitas operasi dan pertumbuhan penjualan berpengaruh negatif signifikan terhadap kesulitan keuangan. Namun biaya keagenan manajerial dan kepemilikan manajerial berpengaruh positif signifikan terhadap financial distress. Sementara itu, kepemilikan institusional juga berpengaruh negatif signifikan terhadap financial distress. Penelitian ini memberikan literatur mengenai peran mekanisme tata kelola perusahaan dalam memprediksi kesulitan keuangan dan memberikan bukti empiris penggunaan Metode Springate dalam memprediksi kesulitan keuangan.

Kata Kunci: Kapasitas Operasional; Pertumbuhan Penjualan; Biaya Agensi Manajerial; Kepemilikan Manajerial; Kesulitan Keuangan

The Measurement of Efficiency of Sharia Banks in Indonesia: Two-Stage Data Envelopment Analysis (DEA)

Lukmanul Hakim Aziz, Gerry Ganika, Chajar Matari Fath Mala — Fri, 29 Dec 2023 12:59:33 +0700

This research was conducted to measure the efficiency of sharia banks in Indonesia. The study utilized two stages, with the first stage employing the Data Envelopment Analysis (DEA) method, and the second stage conducting an analysis using the Tobit Method to determine the influence of market competition, market share, NSFR, CAR, ROA, and BOPO variables on its independent variable, which is efficiency. This research utilized panel data from sharia banks in Indonesia. The findings of this study provide a deeper understanding of the factors influencing the efficiency of sharia banks, and the results can serve as a basis for formulating policies that support the growth of a more efficient sharia banking industry. Several variables that affect sharia banks in Indonesia are market share, NSFR, CAR, ROA, and BOPO. However, variables such as the Lerner Index and ROA do not have a significant impact on the level of efficiency.

Globalization & Development of Sharia Financial Technology in Indonesia

Fri, 29 Dec 2023 12:45:01 +0700

This research explores the impact of globalization on the development of Sharia Financial Technology (FinTech) in Indonesia. The phenomenon of globalization has spurred the growth of FinTech, including Sharia FinTech, which combines sharia principles with digital technology. This study identifies the factors influencing the growth of Sharia FinTech globally, analyzes its impact on the Muslim community in Indonesia, and explores the challenges and opportunities faced by the industry and financial regulators. This study utilizes descriptive qualitative research method with secondary data sources. The results show that Sharia FinTech has increased the accessibility of financial services in Indonesia, especially for those who were previously unreachable. Innovations in Sharia FinTech products and services create broader financial inclusion and support the growth of the Islamic economy. However, unaligned regulations and licensing complexity are the main challenges. Nonetheless, regulatory harmonization and cooperation between the government, regulators and industry are key steps in optimizing the potential of Islamic FinTech. This research provides insights for policymakers, regulators, and financial industry players to effectively and sustainably manage the development of Islamic FinTech amidst the dynamics of globalization.

Optimizing Tax Planning and Deferred Taxes in Implementing Earnings Management

Shandy Cahya Febriana — Fri, 29 Dec 2023 00:00:00 +0700

The purpose of this study is to examine the optimization that occurs between tax planning and the use of deferred tax expenses in profit management implementation. Tax Planning (X1) and Deferred Tax Expenses (X2) are the research independent variables, and Profit Management (Y) is the dependent variable. The information used comes from the Miscellaneous Industry sector, with seven sample companies listed on the Indonesia Stock Exchange between 2017 and 2022. As a research method, descriptive and verification analysis is used to determine the development and influence value of variables both partially and simultaneously with data. Data was gathered from financial report data management, documents, reference books, and internet media. The results of the partial research using the t test show that the variable Tax Planning Optimization (X1) has a significant effect on profit management implementation (Y), whereas the utilization of deferred tax expenses has no effect on profit management implementation (Y). However, through the F test, these two variables have a significant influence on the implementation of profit management (Y) at the same time.

Health Analysis of Private Banks during the Covid-19 Pandemic with the RGEC Approach

Nani Suhartini*, Siti Farika Nurul Awaliah — Fri, 12 Jan 2024 00:00:00 +0700

Covid-19 has had an impact on various sectors of life, including banking. This study aims to see the health condition of Bank Muamalat Indonesia with the RGEC approach. The indicators measured are risk profile, good corporate governance, earnings, and capital at Bank Muamalat Indonesia during the Covid-19 pandemic. The results showed that the health level of Bank Muamalat Indonesia was in the less healthy category with a value of 48.57% during the 2021-2022 period and 54.28% in the 2020 period. Bank Muamalat's problems occur in non-performing financing which is increasing, resulting in capital shortages and decreased bank profitability. In addition, the results of the study prove that the health of Bank Muamalat has decreased in the year of the observation period. However, the health of Muamalat Bank which is in the unhealthy category is contrary to the high customer loyalty. This is evidenced by the increasing ratio of liquidity to Third Party Funds and the awards obtained by Bank Muamalat in the category of customer satisfaction.

The Influence of Financial Ratios on The Return on Assets in Multinational Companies

Mira Rizkyanti, Erna Herlinawati, Andre Suryaningprang — Mon, 15 Jan 2024 00:00:00 +0700

PT Malindo Feedmill Tbk is hampered by a decline in profit in 2022 of 56.54% which has an impact on the return on assets (ROA) of only 0.6%. The aim of this research is to find out whether the decline in Return On Assets is affected by Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO) and Net Profit Margin (NPM). This research uses quantitative methods and secondary data as well as purposive sampling. On the data obtained, classical assumption tests, multiple linear regression tests and partial and simultaneous hypothesis testing were carried out. The test results show that CR has no significant effect on ROA with tcount 0.709 < ttable 2.776 and sig. 0.510 > 0.05; DER has no significant effect on ROA with tcount 1.492 < ttable 2.776 and sig. 0.196 > 0.05; TATO has a significant effect on ROA with tcount 4,028 > ttable 2,776 and sig 0.010 < 0.05; NPM has a significant effect on ROA with tcount 5.079 > ttable 2.776 and sig 0.004 Ftable 5.19, and sig. 0.013 < 0.05 and contributes to ROA of 89%, the remaining 11% is influenced by other factors outside the research model.

Good Corporate Governance as Prevention of Credit Fraud at Government Bank

Widia Kurniamaylani, Vaisal Amir, Mukti Prasaja — Mon, 15 Jan 2024 14:59:26 +0700

This study aims to determine the application of Good Corporate Governance as fraud prevention in providing briguna loans to PT Bank Rakyat Indonesia (Persero) Tbk Ngawi Branch office. This study used qualitative descriptive method by taking data derived from interviews and direct observations with officers of PT BRI and interviews with customers. Data collection is done by observation, interviews, and documentation. The data analysis techniques used are data reduction, data presentation, and conclusions. The results of this study show that PT Bank Rakyat Indonesia (Persero) Tbk Ngawi Branch Office has applied GCG principles adequately in providing briguna loans. With the implementation of GCG principles, Bank BRI has carried out fraud prevention.

Dynamic Models: Analysis of Macroeconomic Variables And Islamic Banks Performance in Indonesia Covid19 Period

lia amaliawiati, Farida Nursjanti, Irma Nilasari — Mon, 15 Jan 2024 15:07:04 +0700

The Covid19 pandemic has had an impact on macroeconomic conditions, and shocks to these factors will have an impact on how well banks, particularly Islamic banks, perform financially. Using the Vector Error Correction Model (VECM), the data is processed in the form of time series with the goal of analyzing the relationship between the performance of Islamic banks and macroeconomic indicators over the short and long terms. The Granger Causality Test, Impulse Response Function and Variance Decomposition, were some of the additional VAR analyses examined. The analysis's findings indicate that Non Performing Finance (NPF), Capital Adequacy Ratio, interest, and inflation are the variables with the strongest long term and short term relationships according to the VECM model. The best variable used as the dependent variable is Non Performing Finance (NPF). In the long run NPF is influenced by Return on Assets (ROA), Nett Opertaing Margin (NOM), Capital Adequency Ratio (CAR), Finance Deposit Ratio (FDR), Industrial Production Index (IPI), Inflation (INF), Interest (INT). In the short run NPF is affected by NPF lag 1, CAR lag 1, inflation lag 1 and interest lag 1. The Granger Causality test results conclude that the variables that have a two-way relationship are INF and INT. The Variance Decomposition results conclude that the first stage of the NPF variant is explained by the contribution of the variable itself and then its contribution decreases because there are other contributions, especially from ROA. The results of the Impulse Response Function show that the shock is in a positive direction from ROA, CAR, FDR, IPI, INF, INT to NPF. Shock in the negative direction from NOM, Operating Expense to Operating Income (OEOI), and Exchange Rate (ER) to NPF.

Pandemic covid19 telah mempengaruhi kondisi makroekonomi, guncangan yang terjadi pada variable makroekonomi akan berpengaruh pada kinerja keuangan bank khususnya bank syariah. Penelitian ini bertujuan untuk menganalisis hubungan antara kinerja bank syariah dengan variable makro ekonomi baik jangka pendek maupun jangka panjang dengan menggunakan Vector Error Correction Model (VECM), data yang diolah berupa times series. Beberapa analisis VAR lainnya yang dianalisis adalah Granger Causality Test , Variance Decomposition dan Impulse Response Fuction. Hasil analisis menyimpulkan bahwa berdasarkan model VECM variable yang mempunyai hubungan jangka panjang dan

Pandemic covid19 telah mempengaruhi kondisi makroekonomi, guncangan yang terjadi pada variable makroekonomi akan berpengaruh pada kinerja keuangan bank khususnya bank syariah. Penelitian ini bertujuan untuk menganalisis hubungan antara kinerja bank syariah dengan variable makro ekonomi baik jangka pendek maupun jangka panjang dengan menggunakan Vector Error Correction Model (VECM), data yang diolah berupa times series. Beberapa analisis VAR lainnya yang dianalisis adalah Granger Causality Test , Variance Decomposition dan Impulse Response Fuction. Hasil analisis menyimpulkan bahwa berdasarkan model VECM variable yang mempunyai hubungan jangka panjang dan jangka pendek adalah Non Performing Finance, Capital Adequancy Ratio, interest, inflasi. Variable yang terbaik dijadikan variable dependen adalah Non Performing Finance (NPF). Dalam jangka panjang NPF dipengaruhi oleh ROA, NOM, CAR, FDR, IPI, INF, INT. Dalam jangka pendek NPF dipengaruhi oleh NPF lag 1, CAR lag 1, inflasi lag 1 dan interes lag 1. Hasil Granger Causality test menyimpulkan bahwa variable yang mempunyai hubungan dua arah adalah INF dan INT, Hasil Variance Decomposition menyimpulkan bahwa tahap pertama varian NPF dijelaskan oleh kontribusi variable itu sendiri dan selanjutnya kontribusinya semakin menurun karena ada kontribusi lain terutama dari ROA. Hasil Impuls Response Function menunjukkan bahwa shock arah positif dari ROA, CAR, FDR, IPI, INF, INT terhadap NPF. Shock arah negative dari NOM, OEOI, dan ER terhadap NPF.

*Islamic Bank Performance; Macroeconomiccs Variables; VECM; GCT; IRF; VD*

Islamic Bank Performance; Macroeconomiccs Variables; VECM; GCT; IRF; VD

Taxpayer Compliance based on Social Norm and Tax Moral

Windi Ariesti Anggraeni, Winda Ningsih, Mochamad Romdhon — Mon, 15 Jan 2024 15:09:00 +0700

This research aims to analyze the role of social norm and tax moral in influencing tax compliance among Micro, Small, and Medium Enterprises (MSMEs). MSMEs hold significant potential as a tax source for the government due to their vital contribution to the economy. In this study, the Theory of Planned Behavior serves as the foundational framework to explore the impact of social norms and morality on tax compliance among MSMEs. Primary data was collected from 100 MSME respondents registered as taxpayers through a survey method, and multiple regression analysis was employed to test hypotheses. The discussion that focuses on the influence of social and moral norms on the tax compliance of MSME taxpayers is a novelty in this research and has not been extensively explored before. The research findings indicate that both social norms and morality significantly influence the level of tax compliance among MSMEs. These results offer valuable insights for the government and stakeholders in crafting more effective tax policies to enhance tax revenue from the MSME sector and support overall economic growth.