Coopetition : Jurnal Ilmiah Manajemen

How Investor Sentiment and Trading Behavior affect Stocks Return:

Ni Asa Rembokowati — 2025-03-01

This research concerns how investor sentiment and trading behavior affect stock returs while applied in the different conditions from the same sample stocks. This research uses the daily stock price, the number of shares, and trading volumes of the company that includes in Taiwan 50 index on the study period 2016 to 2020. Then from 50 companies listed during the sample period, the researcher excludes those suffering from the suspension of trading or administrative issues, which leaves 43 companies, then the researcher tries to regrouping the samples into several categories. First, is all sample stocks from the 50 index series. Second, regrouping all sample stocks into three group sectors includes electronic, finance, and traditional sectors. Third, the researcher categorizes the same sample stocks into high, middle, and low foreign shareholding. The method of this quantitative causality research is multiple linear regression (MLR). Meanwhile, based on the research results it can be concluded that a large market capitalization on the criteria for grouping a company, can’t be the only standard in determining the influence between variables, because there are other factors that can affect the results of the study.

CAGR Analysis of Micro and Small Industries in West Java

Mohammad Fahreza — 2025-03-01

This study analyzes growth trends and projects the development of Micro and Small Industries (MIS) in West Java for the 2023–2027 period. Using historical data from 2017 to 2022, the study identifies the Compound Annual Growth Rate (CAGR) for the number of business units, employment figures, and production value. The results indicate stable growth in the Micro and Small Industry sector, with a CAGR of 2.0% for the number of business units, 2.3% for employment figures, and 3.3% for production value. Based on historical data and projected inflation rates, the findings show a consistent increase in nominal production value, rising from approximately 5,400 billion IDR in 2023 to over 6,200 billion IDR in 2027. However, after adjusting for inflation, the real production value exhibits a flat to slightly declining trend. This indicates that the increase in nominal value is insufficient to counteract the depreciation of monetary value due to inflation. The projection graph illustrates that inflation has a significant impact on real economic outcomes. While there is growth in nominal value, the purchasing power and real profits generated by Micro and Small Industries may not increase significantly. These findings emphasize the importance of considering inflation in economic planning and decision-making, as well as the need for effective policies to control inflation to support sustainable economic growth in the Micro and Small Industry sector.

Economic And Poverty Indicators In Indonesia

Iqbal Banyu Sunarya — 2025-03-01

This study aims at analyzing the impact of rice price increase on poverty reduction and income inequalities indicators. Using National Socio-Economic Survey data and simulation with Indonesian Input-Output table, it was revealed that the increasing rice price has lowered the output of 174 out of 185 industrial sector listed on the input-output table including rice milling sector, agriculture sector, fertilizer sector and other related sectors. In terms of supply, rice price increase leads to the declining payment on capital and labor production factor, while in terms of demand, it decreases consumption rate and import so that generally it results in the declining economic output (GDP). Partially and isolated from other policies, rice price increase has contributed to the increasing poverty line but it reduces the inequality among the poor. As rice price rises, the poverty line also rises. Due to the fixed income level, the poverty rate increases. From the producer perspective, rice price increase provides additional income for rice farmers (or at least it does not increase their expenditure) that are largely made up of the rural poor society. On the other hand, in terms of the consumer, the increase in rice prices increases the level of expenditure or lowers their real income level (since rice is the staple food). Because both are moving in the opposite direction (approaching), the level of income inequality among the poor becomes lower.

Human Resource Management in National Defense Policy:

Arman Maulana — 2025-03-01

National Defense Policy plays an important role in maintaining the sovereignty and security of a country, including in the preparation of national defense reserve components. This article discusses the importance of reserve components in facing threats from both within and outside the country. National defense reserve components include various elements, ranging from military personnel, equipment, to defense infrastructure that is ready to be mobilized in emergency situations or large-scale conflicts. This study uses qualitative methods and documentary data collection techniques to analyze the needs and strategies for developing reserve components. Various considerations, such as population size, security conditions, defense strategies, resources, and capacity development, are taken into account in determining the optimal number and needs of reserve components. In addition, the role and function of reserve components in various aspects of national defense activities, as well as follow-up plans for development and training to improve the readiness of reserve components in supporting national security

Pengaruh Ukuran Koperasi, Profitabilitas, dan Pertumbuhan Terhadap Struktur Modal

Indra Winata — 2025-03-01

The aim of this study is to analyze the influence of cooperative size, profitability, and growth on capital structure both simultaneously and partially in primary consumer cooperatives in regencies/cities in West Java Province that submit performance reports to the Ministry of Cooperatives and SMEs through the Cooperative Online Data System regularly for the period 2018-2022. The research method uses quantitative research, and path analysis through the SPSS 25.0 program. The sample population are491 primary consumer cooperatives in Regency/City in West Java Province that submit reports to the Ministry of Cooperatives and SME or the Office in charge of Cooperatives and SME through the Cooperative Online Data System managed by the Ministry of Cooperatives and SME. The results showed that the size of the cooperative has a significant influence on the capital structure of primary consumer cooperatives in the Regency/City in West Java Province with a negative direction, profitability has a significant influence on the capital structure of primary consumer cooperatives in the Regency/City in West Java Province with a negative direction, growth and profitability have a significant influence on the capital structure of primary consumer cooperatives in West Java Province. The results showed that the size of the cooperative has a significant influence on the capital structure of primary consumer cooperatives in the Regency/City in West Java Province with a negative direction, profitability has a significant influence on the capital structure of primary consumer cooperatives in the Regency/City in West Java Province with a negative direction, growth does not have a significant influence on the capital structure of primary consumer cooperatives in the Regency/City in West Java Province. Simultaneously, cooperative size, profitability and growth have a significant influence on capital structure with a weak and unidirectional (positive) relationship.

Pengujian Mobile Service Quality Terhadap Continuance Intention: Perceived Value Sebagai Variabel Mediasi

Haikal Rifkiyanda Mulyasa — 2025-03-01

The growth of technology has led to the development of various MVAS forms available by mobile telecommunication companies, which has made the existence of MVAS in Indonesia increasingly popular. This study aims to examine the influence of mobile service quality on perceived value and continuance intention, the influence of perceived value on continuance intention, and the role of perceived value as a mediating variable in the relationship between mobile service quality and continuance intention. There are 150 MVAS consumers as the sample size for this study. The sample collection uses a non-probability method with purposive sampling technique. Validity and reliability tests were applied to test the study instruments. The data were tested using classic assumption tests: multicollinearity test, heteroscedasticity test, and normality test. Hypothesis testing was conducted using the Path Analysis method. The study found that mobile service quality influences perceived value. Other results indicate that mobile service quality and perceived value influences continuance intention. Additionally, perceived value is known to partially mediate the indirect relationship between mobile service quality and continuance intention. This study is expected to provide answers to the limitations of previous studies. The managerial implications of this research are expected to contribute to mobile telecommunication companies.

Narsisme Dalam Menyusun Laporan Keuangan:

Eka Setiajatnika — 2025-03-01

Financial reports serve as a key tool in economic decision-making, but can be influenced by psychological factors such as narcissism, which has the potential to change the way reports are prepared to highlight company performance. This study examines the influence of narcissism on the preparation of financial statements in five large manufacturing companies listed on the IDX, namely PT Astra International Tbk, PT Unilever Indonesia Tbk, PT Gudang Garam Tbk, PT Indofood CBP Sukses Makmur Tbk, and PT Semen Indonesia Tbk, during the period 2022-2023. The purpose of this study is to analyze whether narcissism affects the preparation of financial statements, as well as identify signs of narcissism in reports that can affect stakeholder perceptions. The study used quantitative methods by analyzing secondary data in the form of annual reports and company finances, and using regression to measure the relationship between narcissism and financial report quality. The results show that narcissism does have the potential to influence the preparation of financial reports, which is related to efforts to improve the company's image. This finding is important to remind companies of the importance of transparency and ethics in financial reports, in order to maintain the integrity of information provided to stakeholders.

Pengaruh Struktur Modal Terhadap Sisa Hasil Usaha (SHU) Melalui Volume Usaha Pada Koperasi Simpan Pinjam Di Indonesia

Reza Patra Anggana — 2025-03-01

The purpose of this study was to test and analyze the effect of own capital and loan capital on business volume both partially and simultaneously. To test and analyze the effect of own capital, outside capital, and business volume on the net profit (SHU) both partially and simultaneously. To test and analyze the effect of own capital and outside capital partially on net profit (SHU) with business volume as an intervening variable. The analysis technique used in this research is quantitative data analysis, namely testing and analyzing data with numerical calculations and then drawing conclusions from these tests with panel data regression model analysis techniques. The population of this study is all active Savings and Loan Cooperatives and reports the RAT to the Ministry of Cooperatives and SMEs and the data is presented in aggregate per province in 34 provinces in Indonesia with the research period before the covid-19 pandemic (2017-2019) and during the covid-19 pandemic (2020-2022). Based on the research results, it can be concluded that own capital and external capital partially and simultaneously have a significant effect on business volume both before and during the covid-19 pandemic. Own capital, external capital, and business volume partially and simultaneously have a significant effect on net profit (SHU) before and during the covid-19 pandemic. Business volume is not an intervening variable between the variables of own capital and loan capital on net profit (SHU) before the covid-19 pandemic. Business volume is an intervening variable between the variables of own capital and loan capital on net profit (SHU) during the covid-19 pandemic.

Model Pendampingan Koperasi Dalam Upaya Akselerasi Pencapaian Koperasi Modern

Devi Restiany — 2025-03-01

Intervention efforts in dealing with the problems of modern cooperatives focus on priority needs, and one method is through assistance programs.This research uses qualitative methods with data collection techniques in the form of interviews, document analysis, observation, and triangulation. The results show that the 2023 modern cooperative assistance program is "Problem-Based Assistance", activities are carried out through pre-assistance, assistance, and post-assistance stages. The advantage of this mentoring model is that it has an inclusive nature, that is, it opens up opportunities for every cooperative to join in the Modern Cooperative Assistance program. The assistance begins with "determining the needs of the cooperative", namely an initial analysis carried out by the PMO (Project Management Office) team, and the existence of an assessment working paper and final assessment as an assessment indicator and a guide for assistants and participants in modern cooperatives. Based on the research results, there is a Recommendation for a Modern Cooperative Assistance Program Model, with several additions compared to the initial model, namely increasing the intensity of involvement of the Local Cooperative Government in charge of Cooperatives in the area where the Cooperative is located, as well as adding Post-Assistance activities in the form of Monitoring and Follow-up Mentoring activities which can be carried out by the Ministry or Local Cooperative Government so that this assistance model can help accelerate the achievement of Modern Cooperatives.

Analisis Penerimaan Perpustakaan Itenas Pada Online Public Access Catalog Menggunakan Metode Technology Acceptance Model

Muhammad Rai Dzikri Nugraha, dkk — 2025-03-01

Using the Technology Acceptance Model (TAM) approach, this study attempts to investigate and evaluate user acceptance of a library information system based on the Online Public Access Catalog (OPAC). In addition to evaluating theories about how these factors affect user attitudes, intentions, and actual usage, the main goal is to assess the elements that affect user perceptions, namely perceived usefulness and ease of use. Library patrons were given questionnaires to complete in order to gather data. The results show that perceived usefulness, which in turn influences user attitudes and intentions to utilize OPAC, is highly influenced by perceived simplicity of use. Thus, this study evaluates the influence among variables based on the TAM framework in addition to providing insights into important criteria for improving the adoption of library information systems.

Analisis Kelayakan Bisnis Menggunakan Business Model Canvas Dalam Upaya Pengembangan Usaha

Sigit Hardiansyah — 2025-03-01

Supersub Apparel was founded in early 2021 by two students from different universities. Previously, in 2018, they established a similar business that temporarily ceased operations due to issues, before restarting in 2021. Supersub Apparel is one of the SMEs engaged in sports jersey production services. In this context, to sustain and maintain the existence of Supersub Apparel, it requires the implementation of business development strategies such as Business Model Canvas (BMC) and Business Feasibility Study. The objective of this research is to assess the implementation of BMC at Supersub Apparel in Bekasi Regency and evaluate its feasibility from the aspects of market and marketing, technical/operational, and financial aspects. The method used in this study is a case study, where data were obtained through interviews, observations, literature studies, and analyzed descriptively. By using BMC and Business Feasibility Study tools, the authors could identify and improve the necessary indicators for Supersub Apparel in its business development. The research findings indicate that Supersub Apparel has effectively implemented Business Model Canvas with clear target markets and good cooperation with suppliers. From the business feasibility analysis, the market and marketing aspects show promising prospects, while the technical/operational aspects are deemed feasible with easy access to raw materials and production services. Financially, the analysis shows that Supersub Apparel is viable with a Payback Period (PP) of approximately 4 months and a Profitability Index (PI) of 1.54.

Analisis Tingkat Kesehatan Pada Aspek Jati Diri Koperasi Pada Koperasi Syariah Hayatussunah Masjid Jami Mungsolkanas Chiampelas-Bandung

Nurjamil Nurjamil — 2025-03-01

This study aims to determine the health level of the Hidayatussunnah Sharia Cooperative at the Jami Munsolkanas Chimapelas-Bandung Mosque. To analyze the level of health in 2021 which refers to the regulation of the deputy for supervision of the ministry of cooperatives and SMEs No.07/Per/Dep.6/IV/2016 which includes aspects of identity by calculating using two ratios, namely the ratio of gross participation and the ratio of economic participation of members . Which produces calculations from the results of research that has been carried out at the Hidayatussunnah Sharia cooperative Jami Munsolkanas Chimapelas-Bandung Mosque. That this cooperative is included in the category of cooperatives that have low criteria in terms of service to its members and provide sufficient benefits to its members.

Business Model Canvas dalam Menentukan Strategi Usaha Saprotan yang Efektif

Ucu Nurwati — 2025-03-01

Business Models Canvas is an effective tool for describing, assessing and determining business strategy by referring to nine main elements, namely: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships, dan Cost Structure.This strategy is prepared by knowing the strengths, weaknesses, opportunities and threats through the IFAS, EFAS, and SWOT matrices. The method used in this research is a case study. The data obtained was carried out through interviews, questionnaires, observations and literature studies which werw then analyzed descriptively. The respondent sampled in this research werw 36 farmer members of the cooperative. The results of this research are the knowledge of the strengths, weaknesses, opportunities and threats that are owned and faced by the Sumber Tani Mandiri Agricultural Cooperative, where the results are used to determine an effective business strategy to increase the sales volume of inputs. By using BMC, cooperatives can develop more effective business strategies to improve their performance and competitiveness. Strategy recommendations include improving financial recording systems, product diversification, improving customer service, and utilizing marketing information technology.

Pengaruh Live Streaming dan Price Discount terhadap Loyalitas Pelanggan Pengguna TikTok Shop di Kabupaten Majalengka

Masduki — 2025-03-01

ABSTRAK

Transformasi digital menggeser cara berbelanja dengan memperkenalkan social commerce yang membuat perusahaan dihadapkan pada tuntutan tidak hanya menarik perhatian tetapi juga mempertahankan loyalitas pelanggan. Namun, tidak sedikit loyalitas pelanggan rendah diakibatkan karena kekuatan live streaming dan price discount yang masih rendah. Penelitian ini bertujuan untuk menggambarkan live streaming, price discount dan loyalitas pelanggan serta mengetahui dan menganalisis secara parsial pengaruh live streaming dan price discount terhadap loyalitas pelanggan pengguna TikTok Shop Majalengka. Penelitian ini menggunakan metode pendekatan kuantitatif dengan analisis deskriftif dan verifikatif. Jumlah populasi pengguna TikTok Shop Majalengka berjumlah 100 orang. Sampel yang digunakan adalah sampel accidental sampling dengan jumlah 100 orang pada pengguna TikTok Shop Majalengka. Data analisis menggunakan uji asumsi klasik, analisis regresi linier berganda, analisis koefisien determinasi dan uji hipotesis. Hasil penelitian ini menyatakan bahwa live streaming dan price discount memiliki pengaruh yang positif dan signifikan terhadap variabel terikat loyalitas pelanggan.

Kata Kunci: Live Streaming, Loyalitas Pelanggan, Price Discount, Tiktok Shop.

ABSTRACT

Digital transformation has shifted the way shopping is done by introducing social commerce, which makes companies faced with the demands of not only attracting but also maintaining customer loyalty. However, not a few low customer loyalty is caused by the strength of live streaming and price discounts that are still low. This study aims to describe live streaming, price discounts and customer loyalty and to determine and partially analyze the effect of live streaming and price discounts on customer loyalty of TikTok Shop Majalengka social commerce users. This study uses a quantitative approach method with descriptive and verification analysis. The total population of TikTok Shop Majalengka social commerce users is 100 people. The sample used was accidental sampling with a total of 100 people in TikTok Shop Majalengka social commerce users. Data analysis using classical assumption test, multiple linear regression analysis, coefficient of determination analysis and hypothesis testing. The results of this study state that live streaming and price discounts have a positive and significant effect on customer loyalty.

Keywords: Live Streaming, Customer Loyalty, Price Discount, Tiktok Shop

Pengaruh Penerapan Cadangan Kerugian Penurunan Nilai (CKPN) PSAK 239 (PSAK 55) dan Cadangan Kerugian Penurunan Nilai (CKPN) PSAK 109 (PSAK 71) Terhadap Kualitas Laba

Aulia Rahmi — 2025-03-01

Banking institutions play a crucial role in supporting a country's economy, especially as a liaison between owners of surplus funds and parties who need funds through credit. Changes in financial accounting standards, which initially used PSAK 239 (PSAK 55) to become PSAK 109 (PSAK 71), regulate the recognition and measurement of financial instruments. PSAK 109 (PSAK 71) emphasizes the expected loss approach (forward-looking) compared to previous methods which are backward-looking. This implementation is expected to improve profit quality through more accurate calculation of Allowance for Impairment Losses, but it also has an impact on increasing CKPN which will affect the Company's profits. This research aims to understand the influence that CKPN PSAK 239 (PSAK 55) and CKPN PSAK 109 (PSAK 71) have on earnings quality as well as a comparative analysis. This research applies quantitative methods with a descriptive-comparative approach and simple linear regression data analysis techniques. The sample in this study was selected using techniques of purposive sampling. The subject of this research is banking listing on Bursa Efek Indonesia (BEI). The findings resulting from this research are that PSAK 239 (PSAK 55) and PSAK 109 (PSAK 71) both have a significant influence on earnings quality and there is a significant difference between earnings quality applied to PSAK 239 (PSAK 55) and PSAK 109 (PSAK 71).

Pengaruh Overconfidence Bias terhadap Pengambilan Keputusan Investasi di Pasar Saham Selama Perang Rusia-Ukraina

Rini Larasati Irawan — 2025-03-03

This study examines the impact of overconfidence bias on investment decision-making during the Rusia-Ikraine war in the Indonesian energy stock market. Overconfidence bias is a cognitive bias where investors overestimate their ability to predict market movements, often leading to an increase in transaction frequency and the taking of irrational risks. Using stock return data from the companies INCO, ADRO, ITMG, and the JKSE during the 2022-2024 activity lever segregation methods to explore this phenomenon. The results indicate that high market volatility exerbates overconfidence bias, particulary among investors with high activity levels leading to more frequent transactions and suboptimal investment decisions. In contrast, investors with lower activity levels tend to exhibit more rational behavior, maintaining better portolio stability during extreme market conditions promote more rational decision-making. These findings contribute sifnificantly to the understanding of investor psychology the importance of strategies to mitigate cognitive biases, especially during periods of high market volatility.

Manajemen Kebijakan Kartu Indonesia Pintar Dalam Mewujudkan Pemerataan Pendidikan Di SMP Negeri Kota Bandung

Nur Ma'rifah Aini — 2025-03-04

This study focuses on the analysis of the Smart Indonesia Card (KIP) policy in junior high schools in Bandung City to understand its effectiveness in promoting educational equality. The purpose of the study was to identify supporting and inhibiting factors for this policy, and to offer solutions for improvement. Using a qualitative method with a descriptive case study approach, data were collected through observation, interviews, and documentation. The results of the study indicate that the KIP distribution mechanism has been running, but socialization and targeting accuracy are still less than optimal. Some students in need do not receive benefits, while students from well-off families do. Supporting factors include ease of access to information, while inhibiting factors include administrative constraints and data synchronization. Recommendations include giving schools more authority in making decisions related to KIP, intensifying supervision, and awareness from the community who are already well-off to stop assistance.

Analisis Komparasi Kebijakan Fiskal Masa Umawiyah, Abbasiyah, Umawiyah Di Spanyol dan Kerajaan Kecil

Nanang Sobarna — 2025-03-04

Fiscal policy had an important role in shaping the economic and social stability of society during the era of the Islamic Caliphate, starting from the Umawiyah and Abbasiyah periods, the Umawiyah in Spain to the Small Kingdoms. Fiscal policy during these times not only functions to collect revenue but also to support development, social welfare, and maintain political stability. This research aims to analyze the history of fiscal policy in various periods by highlighting the main sources of income, allocation of fiscal funds, and the effectiveness and benefits of policies in supporting economic development. This research approach uses a historical descriptive method by analyzing primary and secondary literature sources. The data collected includes aspects of fiscal policy such as the type and amount of taxes applied, financial administration systems, and budget distribution in various public sectors. The analysis is carried out comparatively to highlight the differences and similarities between fiscal policies during the times of large caliphates and small kingdoms in meeting the social and economic needs of society. The research results show that fiscal policy during the Umawiyah and Abbasiyah periods tended to rely on sources of income from agricultural taxes (kharaj), taxes on non-Muslims (jizyah), zakat, and trade taxes (usyr). During the Umawiyah period in Spain, fiscal policy succeeded in creating harmonious social and economic integration between Muslim and non-Muslim communities, thanks to fair tax policies and investment in community welfare.

Pajak Tangguhan dan Tax to Book Ratio dalam Mempengaruhi Kinerja Keuangan: Perusahaan Sektor Pertambangan Indonesia

Raden Wulan Saparinda — 2025-03-04

Financial performance is influenced by several factors, including deferred tax and the tax-to-book ratio. A decline in net profit accompanied by a decrease in revenue occurred in the first semester of 2023 for three coal companies: PT. Adaro Energy Indonesia Tbk, PT. Indo Tambangraya Megah Tbk, and PT. Indika Energy Tbk. The main cause is attributed to the weakness in average selling prices. This study aims to determine whether deferred tax and the tax-to-book ratio have an impact on financial performance (A Study on Mining Companies Listed on the Indonesia Stock Exchange for the Period 2018-2022). The research uses secondary data. The sample consists of mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2022, selected using purposive sampling, resulting in 40 data samples. The research method employed includes descriptive and verification statistics. Data is analyzed using SPSS version 25, with tests including classical assumption tests, multiple linear regression tests, coefficient of determination tests, and hypothesis testing. The results indicate that: (1) deferred tax does not have a significant impact on financial performance; (2) the tax-to-book ratio has a significant impact on financial performance; (3) both deferred tax and the tax-to-book ratio have a significant impact on financial performance.

Marketing Strategy of Byond By BSI Application to Increase Users Case Study of PT. Bank Syariah Indonesia KCP Astana Anyar Bandung

Siti Rosmayati — 2025-03-12

Marketing strategies have been widely used by the online shop industry, this also applies to the banking world which is rarely highlighted, especially KCP banks. This study aims to determine the marketing strategy of BSI KCP Bandung Astana Anyar Company related to the Byond application and its implications for increasing users in the application. This study takes the form of descriptive qualitative research to explain the phenomenon raised comprehensively and uses literature studies as a basis for compiling arguments. This study produces the fact that the marketing strategy that is taking place at BSI KCP Bandung Astana Anyar Company is running effectively. This is represented by the increase in the number of existing users. This also has implications for the fact that the marketing strategy has been running effectively. This study recommends that in the future customer retention be involved in research. This is to determine the ability of BSI KCP Bandung Astana Anyar Company in maintaining the audience or consumers that have been successfully obtained from the marketing strategy that has been implemented.

Pengaruh Penggunaan Artificial Intelligence (AI) Terhadap Kinerja Perusahaan Penerbitan Buku di Kota Bandung

Sir Kalifatullah Ermaya — 2025-03-14

This study aims to measure and analyze the effect of the use of Artificial Intelligence (AI) on company performance using a quantitative approach in thirty businesses engaged in book publishing in the city of Bandung. From the results of the study, it can be concluded that the use of AI has a positive effect on company performance. AI-based analysis plays an important role in supporting companies to enter new markets. In addition, the implementation of AI within an organization can reduce operational time and costs. Therefore, companies should be able to improve the quality of their human resources in adopting the ever-evolving AI technology. In addition, companies can also use AI gradually, considering that the use of this technology requires a lot of investment costs.