Explore publications.

This exploration aims to test and dissect factors that impact bank fiscal performance and their impact on shareholder tips. The variables used are E-Banking, credit handed as an independent variable, and ROE as a dependent variable. This exploration also looks at the influence of ROE on shareholder tips proxied by the DPR. This exploration was conducted in all BPDs in Sumatra, there are 8 BPDs registered with the OJK during the 2019 – 2022 period. The exploration system used was descriptive exploration with a quantitative exploration approach. Data recycling analysis uses multiple and simple retrogression analyses. The exploration results show that E-Banking and the credit handed have a significant influence on ROE, both concertedly and collectively. Meanwhile, fiscal performance (ROE) also influences shareholder tips (DPR).

The Covid-19 pandemic has hit the world since the end of 2019 and has damaged the world economy, including Indonesia. Banking as a financial institution that provides funding to companies is also affected. Because the pandemic has reduced the company's performance, and this decline in performance has had an impact on banking. The aim of this research is to test whether the Covid-19 pandemic has an impact on the relationship between risk factors and bank performance. Bank performance is measured by profitability which consists of return on assets (ROA) and return on equity (ROE), while bank risk in this study consists of credit risk, liquidity risk, capital, operational risk and the Covid-19 pandemic. The population in this research is the Regional Development Banks (BPD) in Indonesia totaling 34 banks with a sample of 30 banks. The observation period was 4 years with quarterly data so that 320 observation data were collected. Hypothesis testing uses panel data regression, and to select the best regression model, the model will be tested using the Chow-test, Hausman-test, and Lagrange Multiplier test. After the model test was carried out, the fixed effect model was selected as the best model. The research results show that credit risk and operational risk have a significant and negative influence on all profitability, both ROA and ROE. Meanwhile, liquidity risk (LDR) has no effect on both types of profitability, while capital has an effect on ROE but has no effect on ROA. Another interesting result is that the Covid-19 pandemic has no impact on the influence of risk on bank performance.

This research aims to see to how far extent the user interface and user experience an impact on consumer have purchasing decisions through E-Impulse Buying. The correspondents of this study were IKIP PGRI Samarinda students who were active in online purchases through the Shopee application with a usage time of 0-6 years and between 18-24 years of age. The total sample is 131 respondents using purposive sampling method. Research data comes from questionnaires distributed using Google Forms or Manually. The data analysis technique uses path analysis through the SPSS 22 program. The results found show that the user interface and user experience have an impact on purchasing decisions directly, the user interface has an impact on purchasing decisions through E-Impulse Buying, and User Experience has no Impact on decisions purchase through E-Impulse Buying.  

The aim of this paper is to evaluate barrier options by considering volatility as stochastic following the CIR process used in Heston (1993). To solve this problem, we used Monte Carlo simulation. We studied the effects of stochastic volatility on the value of the barrier option by considering different values of the determinants of the option. We illustrated these effects in twelve graphs. We found that in general, regardless of the parameter under study, the stochastic volatility model significantly overvalues the in-the-money (ITM) barrier options, and slightly the deep-in-the money (DIP) options, while slightly undervaluing the near-out-the money (NTM) options.

In the modern world banks are unique. Formally, they are commercial enterprises, but in fact they have a government role, controlling all of the financial activity of the population and organizations. This article examines the roles of banks in the surveillance and pressuring of people that are not usually publicized. There is no political subtext in this article, as the situation described is typical for all countries. The fact that the majority of the examples given are from Russia and the USA simply reflects the experience of the authors. The other important thing to note is that the article describes the ongoing war of “banks against the people,” and the cascade of events is accelerating with nearly every month. And the winner in these intermittent skirmishes is always the same.

This study aims to analyze the feasibility of investment in the framework of implementing cooperation in the utilization of assets or goods owned by the local government using descriptive semi-qualitative methods. In conducting the analysis, researchers used the investment feasibility approach is the Net Present Value (NPV) method to measure the present value of the expected net cash flow of a project, Internal Rate of Return (IRR) is the discount rate that makes the NPV of the project zero, Profitability Index (PI) to measure the relationship between the present value of net cash flow and initial investment and Payback Period (PP) is the period of time required to recover the initial investment from net cash flow. In addition, in order to develop tourism potential, researchers use the Segmenting Targeting Positioning (STP) strategy, which is an approach used by companies to understand their markets better and develop effective marketing strategies. The results prove that the cooperation plan for the utilization of assets or goods owned by the local government with partners as investors is feasible because it produces additional net cash flow during the project with a positive present value, and the rate of return on the net value of cash flow during the project is greater than the BI Rate and the benefits received from tourism development are more profitable than the costs incurred during the project. In addition, the time span required for payback is shorter than the project period. As an effort to increase tourism revenue and visitors, the Segmenting Targeting Positioning strategy is used.

Modern retail businesses in Indonesia are growing rapidly thanks to open market opportunities, manufacturing businesses that support product supply, and government support for economic growth through retail development. The purpose of this study is to determine the intrinsic value of shares of companies engaged in the food and staples retail sub-sector which in this case is represented by PT. Sumber Alfaria Trijaya, Tbk. (AMRT), PT. Diamond Food Indonesia, Tbk. (DMND), PT.  Midi Utama Indonesia, Tbk. (MIDI), PT. Enseval Putera Megatrading, Tbk. (EPMT), and PT. Millenium Pharmacon Internatioanl, Tbk. (SDPC) listed on the Indonesia Stock Exchange (IDX). This research uses historical data for 2018-2022 which will be used as the basis for projections for 2023-2027. The results showed that by using the Discounted Cash Flow (DCF) method, specifically the Free Cash Flow to Firm (FCFF) approach, under an optimistic scenario, the intrinsic values of AMRT, SDPC, and DMND were undervalued. EPMT and MIDI stocks are overvalued. In the moderate scenario, the intrinsic values of AMRT, MIDI, EPMT, and DMND are overvalued, while SDPC is undervalued. Calculations on a pessimistic scenario, all companies studied are overvalued. In this study, the valuation of stocks was also conducted using the Relative Valuation (RV) method with the Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. In an optimistic scenario, the stocks of AMRT, MIDI, and SDPC are considered expensive, while EPMT and DMND are seen cheap. In a moderat scenario, the stocks AMRT, EPMT, and SDPC are considered undervalued, while MIDI and DMND are seen expensive. In a pessimistic scenario, it is observed that AMRT, EPMT, and SDPC are undervalued, whereas MIDI and DMND are considered overvalued. This research aims to provide an objective assessment of the company, which investors can use to consider investments and by companies to enhance corporate value.

Many industrial sectors were severely affected during the pandemic, which lasted from 2020 to 2021. Such indicators can be observed in various companies implementing efficiency measures ranging from cost reduction unrelated to revenue growth to layoff policies. Despite being under pressure due to the pandemic, many industrial subsectors experienced significant growth in the second quarter of 2021, according to statistics from the Ministry of Industry. This study aims to determine the fair value of shares in Industrial Goods companies listed on the Indonesia Stock Exchange. This approach uses a discounted cash flow (DCF) methodology with free cash flow to the company and relative valuation through price-to-earnings and price-to-book ratios. From 2017 to 2021, historical financial data was utilized to forecast future income and expenditure behavior in three scenarios: optimistic, moderate, and pessimistic. The results showed that the DCF-FCFF technique underestimated IMPC, ARNA, and UNTR. MARK is overvalued in pessimistic, moderate, and optimistic scenarios, while MARK is undervalued in optimistic scenarios. HEXA is overvalued in the pessimistic scenario but undervalued in the moderate and optimistic scenario. ARNA and UNTR were overvalued in all relative assessment scenarios using the PER approach, but MARK and HEXA were undervalued. IMPC is undervalued in a gloomy scenario and overpriced in a moderate and optimistic scenario. In all cases, the PBV method overestimates IMPC, ARNA, MARK, HEXA, and UNTR. The study implies that investors should conduct thorough due diligence before making investment decisions, considering company-specific factors and broader market conditions. Companies in the Industrial Goods sector must be ready to adapt to changing market dynamics and prioritize long-term value creation to attract and maintain investor confidence.

This research aims to contribute to solving the problem of tax evasion, by examine the impact of shareholders, intellectual capital, auditor reputation, and level of liabilities on tax evasion. The population is taken from manufacturing companies operating in consumer goods from 2017 to 2021 at IDX (Indonesia). The sample was selected using purposive sampling method. The dependent variable of this research is tax evasion. The independent variables are: type of shareholders, intellectual capital, auditor reputation and level of liabilities. The data analysis technique uses multiple linear regression, and it is processed using statistical software. The results found that domestic private shareholder, foreign private, the government, and individuals’ share holder have a significant negative impact on the Earnings Tax Ratio (ETR), which is a proxy for tax evasion. This means that all types of shareholders seek to avoid taxes, even in state-owned enterprises. Tax avoidance in Indonesia is difficult to eradicate because it is carried out by various parties, specifically tax officers, tax consultants, and taxpayers. The discussion of this research is limited to various factors that influence tax evasion. Subsequent research can identify how much the state loses due to tax evasion, which is carried out by tax officers, consultants, or by taxpayers. This research found that all types of owners avoid taxes. This can be prevented if the Indonesian government can 1) enforce the law, 2) increase the trust of taxpayers, 3) avoid showing off the luxurious life of tax officials and their families. 4) uphold honesty and avoid corrupt behaviour.

This study aims to examine dividend policies for companies listed on the Indonesia Stock Exchange during the 2018-2022 period. Agency theory argues that dividend policy can reduce agency costs and reduce agency conflicts. The percentage of institutional ownership is used as a proxy for agency costs and can be used as a mechanism for lowering agency conflict. The total sample is 44 companies listed on the IDX. The estimation uses the pooling data method and 3SLS. This research develops a simultaneous system econometric model. This study argues that high institutional ownership leads to higher agency conflict, as management and institutions collaborate to prioritize their interests over other shareholders. Conversely, low institutional ownership leads to disputes between management, low institutional, and public shareholders. The entrenchment argument predicts higher conflict in high institutional ownership, while the convergence argument predicts common agency conflict in common institutional ownership.

In the past decade, Southeast Asia has seen the development of financial inclusion, as evidenced by the growth of the penetration, availability, and usage dimensions of financial inclusion. This study analyses the impact financial inclusion has on economic growth, represented by GDP per capita growth, and unemployment using data from Indonesia, Malaysia, Thailand, the Philippines, and Cambodia. The authors employed panel data regression with fixed effect and random effect models to analyse the data. The results show that the number of commercial bank branches and outstanding loans statistically significantly affect GDP per capita growth, while the number of saving/deposit accounts does not. All three variables are shown to have a statistically significant impact on unemployment.

This research examines domestic debt, private sector lending, and economic development in emerging countries, focusing on Bangladesh. This analysis uses 1960–2022 Bangladeshi secondary data, World Bank World Development Indicators and Bangladesh Ministry of Finance economic statistics. Domestic debt and private sector credit affect emerging nations' economic development, according to this study's theoretical approach. This research examines the link between two factors to add to the literature and provide Bangladesh-specific insights. It is quantitative research that examines domestic debt, private sector credit, and economic development using regression analysis and statistical testing. The conclusions aids Bangladesh's economic development policymakers, economists, and stakeholders. Understanding national debt, financing from the private sector, and the advancement of the country's economy helps policymakers manage debt, allocate credit, and set economic policy. The conducted study also improves theoretical understanding of economic development in underdeveloped countries and illuminates Bangladesh's unique conditions. It examined household debt, private sector lending, and Bangladeshi economic development as well as examines the patterns of economic growth in emerging nations to enhance policy debates and broaden knowledge.

Banks are a high-risk industry, which is regulated by the government through the Financial Services Authority (FSA), so bank management must be very careful in managing banks so that risks can be controlled. The purpose of this study was to examine the effect of bank risk and third party funds on bank performance. Bank performance is measured by return on assets (ROA), while bank risk consists of operating risk which is measured by operating expenses to operating income ratio (EIR), liquidity risk is measured by loan to deposit ratio (LDR), capital risk is measured by capital adequacy ratio (CAR), and credit risk is measured by non-performing loans (NPL), and third party funds (TPF) are measured by the natural log of total credit. The research population consisted of 46 banks listed on the Indonesia Stock Exchange with a sample of 24 banks taken using a purposive sampling technique. The data collection period is four years with quarterly data (2019-2022). To test the hypothesis used panel data regression. After testing the model with the Chow-test and Hausman-test, the best regression model is the fixed effect model. The results of research using the fixed effect model show that operating risk (EIR) has a significant and negative effect on bank performance, while liquidity risk (LDR) has a significant positive effect on bank performance. Meanwhile, the capital adequacy ratio (CAR), non-performing loans (NPL), and third party funds (TPF) have no effect on bank performance.

The objective of this article is to identify the determinants of saving decisions on fixed deposits. The effect of customers' prior experience with Non-Bank Finance & Leasing Institutions (NBFLI) has been investigated as a mediation factor. Structural Equation Modelling (SEM) in AMOS has been used to analyze the results and confirmed the results by using the bootstrap technique of SEM. The results show that the stability of the NBFLIs, security for the fund, interest rate of the fixed deposits, and quality and reliability of the service directly affect the decision to save fixed deposits. The institution's geographical location has not directly affected the decision on fixed deposits. The factors of the security, interest rate, quality, and reliability of the service have an indirect effect on the decision of saving fixed deposits with prior experience, except for the factor of stability of the institutions.

Fee collection tactics are measures that school administrators do to achieve the school's objectives by putting together the sum thought appropriate for school fees charges, such as creating automatic fee payment plans and sending out reminders to parents. There are challenges associated with fee payment as parents are the main contributors, yet they are in different economic position. The government has consistently delayed funding their portion which is still below required standards. Therefore, this study was focused on school fee collection strategies and financial accountability of Public Secondary Schools in Khwisero Sub County. The study was guided by agency theory. The research design used in this study was a descriptive survey. The 25 public secondary schools in the Khwisero sub-county of Kenya represented the 50 stakeholders who were the focus of the study. The county schools auditor, who oversaw all of the schools in the research, was also a part of the census survey that included all 50 stakeholders. Data was gathered with the help of standardized questionnaires. Mean and standard deviation were used for descriptive statistics, while Pearson correlation and simple linear regression were used for inferential statistics. SPSS, a statistical program used in the social sciences, helped with this. Tables were used to present the data. The financial transparency of public secondary schools in Khwisero sub County, Kakamega County, was significantly influenced by the collection tactics with an R2 of 0.504. The research suggests that public secondary schools should incorporate school factors that have a significant impact on financial accountability into their main key elements that should be considered when handling school fund accounts and find ways in which fee collection can be enhanced to ensure there is adequate cashflow.

Hedging as a derivatives instrument is one of the practices in risk management. The hedging decision, among other things, comprises forwards, futures, options, and swaps. This study analyzes managerial ownership, financial distress, leverage, liquidity, profitability, and company size on hedging decisions. This study was conducted in a mining sector company listed on the IDX in 2016-2020. The samples were 27 listed companies that were selected based on the purposive sampling method. The logistic regression model was implemented to test the hypothesis. The results of this study are as follows: managerial ownership, financial distress, and company size significantly affected hedging decisions; liquidity variables have a significant adverse impact on hedging decisions; other variables, namely leverage, and profitability, do not affect hedging decisions because they are insignificant. This study suggests that the management prefers implementing hedging to reduce future risks.

Is credit card lending by credit unions within the United States primarily a service to members or a profit generating product?  This paper examines the impact of credit card lending on the performance of U.S. credit unions from 2000-2017. A panel data approach using fixed effects regression methodology is undertaken to make comparative analyses of credit union performance across several dimensions including the percentage of the firm’s assets in credit card loans and percent of members with a credit card. Credit unions are stratified into deciles by size and significant results are found using this methodology. Controlling for delinquencies and charge-offs among other variables, credit card lending significantly increases ROA for both large and small credit unions, but only after the Financial Crisis of 2008, and the establishment of the CARD Act in 2009. Interestingly, the ROA of small credit unions significantly increases with the percentage of members using the institution’s credit card.  This result suggests that small credit unions would benefit by increasing the penetration of credit cards within their membership base.

Mutual fund is one of the investment instruments widely used as an investment option. There are two essential things to be considered by the Investment Manager as a mutual fund manager: the stock selection and the market timing ability. The Covid-19 pandemic has caused many investors to experience potential investment losses. Understanding stock selection and market timing will be needed for determining which Investment Managers perform well in managing equity mutual fund, especially while dealing with the Covid-19 pandemic. The objective of this study is to analyze the ability of Investment Managers to perform stock selection and market timing, the performance of equity mutual fund, and the effect of stock selection and market timing ability on the performance of equity mutual fund in Indonesia. This study applies the Fama net selectivity methods to assess stock selection ability and Treynor-Mazuy and Henriksson-Merton models to analyze market timing ability. Sharpe, Treynor, and Jensen's alpha methods are also used for measuring mutual fund performance. The data is processed per mutual fund to recognize each mutual fund's stock selection and market timing ability. Furthermore, the research spans two time periods: before and following the Covid-19 pandemic. A dataset of 104 equity mutual funds from 2016-2021 has been analyzed. The findings show that only 9 and 12 Investment Managers have stock selection ability prior to and following the Covid-19 pandemic, respectively. According to Treynor Mazuy model, there are only two Investment Managers with market timing ability prior to the Covid-19 pandemic, and only twelve Investment Managers have market timing ability during the Covid-19 pandemic, according to the Henriksson-Merton model. Every mutual fund with stock selection ability outperformed the benchmark. However, not all equity mutual fund with market timing ability outperformed the benchmark.

This study aims to enhance credit risk identification, improve loan borrower review efficiency, and increase default prediction accuracy rate using data mining and machine learning techniques. The study also employs deep learning to develop a consumer loan default prediction model that minimizes credit risks and ensures consistent development. The researchers collected data from a survey of 1000 participants, stratified into local and foreign banks, and selected the top 11 banks based on turnover and customer volume. To construct the machine learning model, Keras, a neural network library that runs on TensorFlow, was utilized. The model predicts loan applicant default likelihood. The study's practical implications demonstrate a noteworthy success rate of customer default prediction, which can significantly benefit banks. The model was evaluated on a test set of 250 records and achieved a test set accuracy of 95.2%, correctly predicting the default state of 238 out of 250 respondents.

IFRS 16 addresses the criticisms against IAS 17 that allowed lessees not to recognize assets and liabilities related to operating leases. This study analyzed the impact of operating lease capitalization on 38 selected Philippine-listed companies' key financial ratios from the service sector from 2016 - 2021 under PFRS 16. Key financial ratios were calculated and compared to the changes that happened due to the adoption of PFRS 16 – Leases with firm size, firm age, inflation rate, nominal GDP growth rate and the unemployment rate as moderating variables. Mann-Whitney U Test was employed to analyze the impact of pre-and post-PFRS implementation on financial ratios. The impact of predictor variables on PFRS 16 and key financial ratios were examined using Ordinary Least Squares (OLS) regression analysis. The study result revealed a significant negative influence of PFRS 16 implementation on return on equity, price-earnings ratio, and price-to-book ratio; and a significant positive influence on the debt-equity ratio, and earnings per share. Firm age positively moderates the return on equity and PFRS 16 adoption (p = 0.032). Only the nominal GDP growth rate moderates the key financial ratio and PFRS 16 in terms of the price-earnings ratio (p = 0.019). This implies that PFRS 16 adoption significantly influences some key financial ratios. Management should reconsider their business model, especially on lease transactions, as it will impact their financial reporting. The new accounting standards must be well communicated to stakeholders considering the firm-level and macroeconomic indices for better decision making.