Finance and Financial Management Commons^™

Ripples Of A Global Health Crisis: 2019’S Pandemic And Its Impact On Sharia-Compliant Equities In Oic Countries, Windiya Saputri, Nur Fatwa, Nurwahidin Nurwahidin

Journal of Strategic and Global Studies

The outbreak of COVID-19 marked not only a global health emergency but also a strategic shock with profound economic implications, particularly for developing economies. This study investigates how Sharia-compliant stock markets in selected OIC countries responded to the World Health Organization’s declaration of COVID-19 as a global pandemic on March 11, 2020. Using an event study approach, the analysis focuses on abnormal returns (AR) from six major Islamic indices representing Indonesia, Malaysia, Saudi Arabia, the United Arab Emirates, Pakistan, and Qatar. The results reveal that the pandemic announcement carried significant informational content, as reflected in the notable ARs across all …

Ceo Gender, Trade Credit, Covid-19 Pandemic, And Corporate Dividend Policies In Vietnam, Trang Ngoc Doan Tran Ms., Linh Ngoc Thi Nguyen Ms., Dung Phuong Ngoc Tran Ms., Khoa Dang Duong Dr.

The Indonesian Capital Market Review

This comprehensive study examines the dynamic interplay among CEO gender, trade credit, and dividend policies across 563 listed companies in Vietnam from 2006 to 2024. Employing the Generalized Method of Moments to address the endogeneity issue. The findings show that firms led by female CEOs distribute significantly lower dividends than those led by male CEOs. Moreover, a positive nexus exists between trade credit and the dividend payout ratio of listed firms in Vietnam. Furthermore, the study reveals that CEO gender moderates the relationship between trade credit and dividend payouts in Vietnam. Finally, our robustness tests confirm that the results remain …

Analysis Of Venture Capital Investment For Financing The Development Of The Palm Oil Industry In Indonesia For Private Companies, Salvatore Yitro, Mustika Sari, Gunawan Saroji

CSID Journal of Infrastructure Development

Indonesia is the world's largest crude palm oil (CPO) producer, accounting for 58.04% of global output from 2018 to 2022 and generating between USD 18.2 billion and USD 28.95 billion in annual foreign exchange earnings from 2016 to 2021. The downstream sector, however, remains largely controlled by foreign markets, and private companies face restricted access to conventional bank financing due to negative campaigns against Indonesian palm oil in European markets. No prior study has examined the financial feasibility of venture capital as a financing mechanism for integrated downstream palm oil development by private companies in Indonesia. This study analysed that …

Determinan Fungsi Intermediasi Bank Kbmi 4 Di Indonesia, Friestha Sari Putri, Telisa Aulia Falianty

Jurnal Ekonomi dan Pembangunan Indonesia

This study examines the effects of bank-specific characteristics and macroeconomic variables on the intermediation function of KBMI 4 banks in Indonesia during 2014–2023. The variables include NPL, BOPO, CAR, bank size, ROA, GDP, BI Rate, and pandemic and recovery dummies. Secondary data from four KBMI 4 banks were analyzed using a panel-data Fixed Effect Model. The results show that NPL has a negative effect, while BOPO, CAR, ROA, GDP, and BI Rate have significantly positive effects on LDR. Bank size is insignificant. The pandemic and recovery dummies reduce LDR by 10.43 percent and 10.33 percent, respectively.

Analisis Implementasi Clinical Pathway Terhadap Length Of Stay (Los) Dan Biaya Perawatan Pasien Anak Dengan Demam Berdarah Dengue (Dbd) Di Rsi Nu Demak, Akhmad Safi’I, Muhammad Zulfikar Asumta, Abdul Aziz

Jurnal Ekonomi Kesehatan Indonesia

Clinical pathway (CP) is a quality and cost control instrument in hospitals designed to ensure service standardization, efficiency of Length of Stay (LOS), and control of healthcare costs. Dengue Haemorrhagic Fever (DHF) in children is an infectious disease that often requires hospitalization, with considerable variation in LOS and treatment costs. This study aimed to assess the effectiveness of CP implementation on LOS and cost of care among pediatric DHF patients at Rumah Sakit Islam Nahdlatul Ulama (RSI NU) Demak. This research applied a quantitative approach using a retrospective descriptive-analytic design. Data were obtained from medical records of 34 pediatric DHF …

From Metrics To Impact: Exploring Social Dimension Impact Within Employee Lens In Banking Sector, Meiwinda Mariana Sianturi, Marko S. Hermawan

Jurnal Akuntansi dan Keuangan Indonesia

Background: This study explores the integration of the social dimension of Environmental, Social, and Governance (ESG) principles within the banking sector, using the GRI 400 standards as a guiding framework. Method: Drawing on qualitative data from 18 employees at different levels ranging from outsourcing staff to Group Head level at one of Indonesian private bank. Findings: The findings reveal a clear gap between formal ESG metrics and employees’ real-life experiences. Employee awareness and perceptions differ notably by position, with higher level employees often showing greater responsiveness and a stronger intention to integrate sustainability into their daily work. Conversely, outsourced and …

Analisis Kesesuaian Prinsip Syariah Pada Mekanisme Buy Now, Pay Later (Shopee Paylater), Berliana Rizkia

Jurnal Manajemen dan Usahawan Indonesia

The development of financial technology in Indonesia has brought various innovations in payment systems, one of which is the Buy Now, Pay Later (BNPL ) service offered by Shopee through the Shopee PayLater feature. This service allows consumers to purchase goods online with deferred payment. However, this mechanism raises questions about its compatibility with sharia principles, considering Indonesia has the world's largest Muslim population. This research aims to analyze the Shopee PayLater mechanism and assess its compliance with Islamic economic principles, particularly regarding the prohibition of riba , gharar, and maysir. The method used is qualitative research with a descriptive-analytical …

A Smart Contract Framework For Project Financing In Gold Mining Operations: Implications For Improved Financial Forecasting, Silvia Lydia Priskilla, Mohammed Ali Berawi, Mustika Sari Dr.

Smart City

Gold mining projects are characterized by high capital intensity and significant operational variability, making financial forecasting particularly sensitive to the quality and timing of cash-flow data. In practice, conventional financing systems rely on multi-stage administrative processes that create delays between work completion and payment realization, reducing the reliability of financial records used for investment evaluation.

This study aims to develop a smart contract-based financing framework to improve the accuracy of profitability projections in gold mining projects. A case study approach is employed using operational and financial data from a mining project in Sumatra over the period 2023–2026. The analysis combines …

Customer Adoption And Trust In Indonesian Islamic Banking: A System Dynamics Perspective, Imam Wahyudi Mr., Komarudin Komarudin, Prof. Rifki Ismal

ASEAN Marketing Journal

Research Aims: This study reframes the growth challenge of Indonesia’s Islamic banking as a financial-service marketing problem: strengthening customer adoption, trust, and perceived value to expand market penetration in a dual-banking environment while maintaining resilience.

Design/Methodology/Approach: Using a system dynamics perspective, the study develops a causal loop diagram (CLD) grounded in a review of policy-document and prior empirical marketing/Islamic banking literature. A multi-actor lens is applied to map how regulators, government, customers, conventional banks, fintech, and ESG investors shape adoption and competitive dynamics.

Research Findings: The CLD identifies seven reinforcing loops that can accelerate adoption and market share (capability reinvestment, …

Beyond Bureaucracy: Entrepreneurial Mindset And Ai Readiness As Drivers Of Business Model Innovation In Blu Business Units — A Conceptual Framework, Ahmad Nurholis, Muhammad Rifky Adzakie

International Conference on Business and Management Research (ICBMR)

This paper advances a conceptual framework that examines how entrepreneurial mindset (EM) and AI readiness interact to shape business model innovation (BMI) and financial performance (FP) within Indonesia’s profit-oriented Public Service Agency (BLU) business units. As hybrid organizations, BLU business units must simultaneously fulfill their public service mandate while pursuing revenue generation, creating a unique context that demands stronger theoretical grounding. The framework draws on New Public Management (NPM) principles and the Dynamic Capabilities (DC) perspective to argue that an entrepreneurial mindset stimulates BMI both directly and indirectly through enhanced AI readiness. In turn, BMI is positioned as a driver …

Sharia Compliance And Stock Price Crash Risk: Evidence From Indonesia, Asty Khairi Inayah Syahwani, Arief Wibisono Lubis, Dwi Nastiti Danarsari

International Conference on Business and Management Research (ICBMR)

This study examines the impact of sharia compliance on stock price crash risk, controlling for company fundamental characteristics, among firms listed on the Indonesia Stock Exchange from 2021 to 2024. Panel data was analyzed using a dynamic panel model (System GMM) and crash risk is measured using NCSKEW and DUVOL. The results show that Sharia compliance significantly reduces stock price crash risk when measured using NCSKEW, while its effect on DUVOL is insignificant. This finding is consistent with the robustness check using the two-step System GMM, suggesting that Sharia principles can be a mitigating mechanism for extreme crash risk. These …

Fintech Innovation And Strategy In Islamic Financial Services In Indonesia: Mapping Trends And Correlations Through Digital Content Analysis, Faisal Binsar S.T., M.M.S.I, Dr., Muhammad Bayu Drs., M.M., Dr., Arif Budiman S.Kom, M.Kom, Lisa Puspitasari S.E., M.Si., Dr.

International Conference on Business and Management Research (ICBMR)

This study explores the impact of fintech innovations and strategies on the operational efficiency and service quality of Islamic financial services in Indonesia, emphasizing their alignment with Islamic financial principles. Using a descriptive quantitative methodology, the research employs digital content analysis of online reviews and social media discussions to uncover key themes. Advanced analytic techniques, including topic modeling with Gibbs Sampling for Dirichlet Multinomial Mixture (GSDMM) and cosine similarity for inter-topic correlation analysis, are applied to data sourced from various digital platforms. The findings reveal three dominant themes: media and community interaction, the performance and services of Islamic financial institutions, …

From Traits To Behavior: How Psychological Characteristics And Financial Socialization Affect Personal Financial Management Among Indonesia’S Young Professionals, Cening Cantya Amaranggana, Muthia Pramesti

International Conference on Business and Management Research (ICBMR)

This This study investigates the influence of psychological characteristics and financial socialization on personal financial management behavior (PFMB) among young professionals in Indonesia, with financial literacy as a mediating variable. The psychological characteristics include attitude toward money, financial self-efficacy, and financial risk tolerance. Financial socialization is measured through parental direct teaching and exposure to peers and media. Data were collected from 209 respondents using a structured online questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4. The results show that all three psychological characteristics and both financial socialization variables significantly influence PFMB. Financial literacy mediates …

The Influence Of Esg Disclosures On Firm Value: Does Gender Diversity In The Leadership Matter Among Asean Countries?, Gaby Gabrella Tania, Mulyadi Noto Soetardjo

International Conference on Business and Management Research (ICBMR)

This purpose of this study is to analyze the effect of Environmental, Social, and Governance (ESG) Disclosures on Firm Value, with Gender Diversity in the Leadership as a moderating variable. The research sample consists of 140 non-financial companies listed in the stock exchange of ASEAN countries for the observation period of 2019-2023 (with total 700 firm-years), selected through purposive sampling method. This study uses a quantitative approach with moderated regression analysis. Firm Value is measured using Tobin's Q and PBV (Price to Book Value), while ESG Disclosures use ESG Scores obtained from the Bloomberg. The results showed that ESG disclosures …

Safe Haven Assets Analysis For Stock Indices Of Countries With The Highest Crypto Adoption Rate, William Smith Abdiel Sutanto Simaremare, Dzakwansyah Torana Riawan, Muhammad Ikhwan Fadillah, Agustini Hamid, Yudith Dyah Hapsari

International Conference on Business and Management Research (ICBMR)

This research investigated the effectiveness of gold, WTI, 5-year government bonds and Bitcoin as a safe haven asset. The analysis included 10 stock indices of countries with the highest crypto adoption rate. We applied quantile regression method processed to evaluate the relationship across different points of the return distribution. The findings revealed that 5-year government bonds show more negative correlation with the stock indices which imply that government bonds have better potential as safe haven assets compared to gold, WTI, and Bitcoin during the 2020-2024 period. This finding offered guidance for investors in these countries to construct the optimal portfolio …

Impact Of Uncertainty On Ipo Activity In Selected Emerging Countries From The Morgan Stanley Capital International Emerging Market Index (Mxef): A 5 Year Analysis (2018-2022), Maria Ulpah, Kayla Maylaf Munasit

International Conference on Business and Management Research (ICBMR)

This study examines the impact of economic uncertainty on IPO activity, both in terms of number and proceeds, across 22 emerging countries in the MSCI Emerging Market Index (MXEF) from 2018 to 2022, using 6720 “Live” IPOs and excluding Taiwan and Colombia. The main independent variable is the World Uncertainty Index (WUI), supported by macroeconomic (GDP growth, market cap to GDP, market turnover) and institutional quality (political stability, government effectiveness, regulatory quality, rule of law, and private sector credit) control variables, which were analyzed at the country level using panel regression. The World Uncertainty Index (WUI) negatively impacts IPO counts, …

The Role Of Relational Capital As A Dynamic Capability And Its Effect On The Relationship Between Directors’ Network And Firm Performance, Saiful Bakhtiar Masduki, Norman Mohd Saleh, Lokhman Hakim Osman, Mara Ridhuan Che Abdul Rahman, Kamarul Baraini Keliwon

The South East Asian Journal of Management

Research Aims: This study aims to examine how directors’ networks (DIRNET) improve firm performance and how relational capital (RELCAP) helps mediate this relationship in Malaysian public-listed firms.

Design/Methodology/Approach: The adopted research design makes use of secondary data that involves 579 publicly listed firms within the period of 2017-2019. DIRNET and RELCAP measured through social network analysis techniques. Panel regression is applied to test the models and ensure robustness of the research findings.

Research Findings: DIRNET is positively related to firm performance, and this effect is partially mediated by RELCAP, which positively influences performance. However, the relationship between DIRNET and firm …

The Impact Of Shariah Law, Liquidity And Interest Rate On Sukuk Growth In Malaysia In Short And Long Run: The Ardl Estimation, Dheya Hamood Saif Al-Fakih, Shahsuzan Zakaria, Md Khairu Amin Ismail

The Indonesian Capital Market Review

The issuance of sukuk has been steadily increasing over time, underscoring its growing significance and the need for further scholarly examination. As a global leader in the Islamic finance industry and a prominent issuer of sukuk, Malaysia serves as a critical case study for understanding this phenomenon. It is essential to investigate various factors and their impact on the growth of sukuk. The study analyzes the relationship between sukuk growth and factors such as interest rate, liquidity (M1), and Shariah law using monthly data from April 2011 to December 2020 obtained from Thomson Reuters Eikon. The study employs the ARDL …

Awareness And Decision-Making In Cryptocurrency Investment Among Students In Guwahati: A Comprehensive Study, Rituparna Roy Dr, Anupam Chanda Dr, Bidangsha Basumatary

The Indonesian Capital Market Review

This study investigates the awareness and decision-making processes related to cryptocurrency investment among students in Guwahati, Assam. Cryptocurrency, a form of digital money designed for online transactions without government or bank oversight, has initiated significant shifts in the global financial sector. The decentralization of cryptocurrencies offers transparency, security, and efficiency, challenging traditional financial systems. Despite the growing global interest in cryptocurrencies, their adoption faces barriers such as limited technological expertise, regulatory uncertainty, and security concerns. These issues are particularly pronounced among students, a demographic increasingly interested in digital currencies but often lacking foundational financial knowledge. The research aims to fill …

Green Credit, Climate Risk, And Credit Risk In The Indonesian Banking Industry, Titi Dewi Warninda, Shelby Devianty Widodo

The Indonesian Capital Market Review

As the largest archipelagic country, Indonesia's industries and regions are particularly vulnerable to the impacts of climate change. This research examines the effects of green credit policy and climate risk, specifically sea level rise and precipitation, on bank credit risk. Using data from 2019 to 2023 and system GMM, the research results show that the higher the sea level rise and precipitation, the higher the credit risk. The findings of this research also indicate that a higher proportion of green credit lowers bank credit risk, and bank inefficiency strengthens the impact of green credit on credit risk. The results of …

Stock Market Reactions To Interest Rate Changes: Evidence From Emerging Markets, Binali Selman Eren

The Indonesian Capital Market Review

This study investigates the impact of interest rate decisions made by national central banks, including the Federal Reserve (Fed), and the European Central Bank (ECB), on the stock markets of emerging economies. It analyzed stock market reactions to interest rate hikes and cuts through the use of an event study approach. The findings provided evidence of heterogeneous effects of interest rate decisions by national central banks, the Fed, and the ECB on stock markets in emerging economies. Specifically, the results indicated that, in most emerging economies, stock markets reacted negatively to interest rate hikes and positively to cuts by national …

Identifying Risk-Free Asset Proxies In Companies Listed On The Indonesia Stock Exchange From 2017 To 2023 Using The Zero-Beta Capital Asset Pricing Model, Fajri Alan Ghazali Mr., Lenny Suardi Mrs.

The Indonesian Capital Market Review

This study evaluates Bank Indonesia Certificates (SBI), IndONIA, and gold as zero-beta proxies for Indonesian equities. Using daily returns for 213 firms listed on the Indonesia Stock Exchange (2017–2023) and the Jakarta Composite Index as the market return, we estimate firm-level zero-beta CAPMs and compute Wald statistics test to identify the appropriate risk- free asset proxy for each individual company; and firm-level outcomes are then aggregated under a Bernoulli/Binomial criterion with a 95% threshold. Empirical results show that gold satisfies the zero-beta condition for 207 of 213 firms (97.18%), whereas SBI and IndONIA satisfy it for five (2.35%) and six …

Escaping The Crash? The Protective Power Of Liquidity In The Pakistan Stock Market, Sana Saleem, Muhammad Usman, Amna Rafique

The Indonesian Capital Market Review

This study investigates the effect of stock liquidity on the risk of stock price crashes, taking sample of non-financial firms listed on the Pakistan Stock Exchange, from 2009 to 2024. A two-step system GMM estimation is applied to test the hypotheses. The results reveal that greater stock liquidity significantly reduces crash risk, whereas illiquidity amplifies it. Two underlying channels explain this relationship; first, liquidity strengthens block holders’ capacity to intervene, discouraging managerial tendencies to withhold adverse information, second, liquidity enhances price informativeness, limiting managerial discretion to manipulate prices through delayed disclosure of bad news. The findings imply that liquid stocks …

Full Call Auction And Market Liquidity: Lessons From Idx, Columbanus Teto, Zaäfri Ananto Husodo

Jurnal Akuntansi dan Keuangan Indonesia

Background: This study investigates the impact of the Full Call Auction mechanism implemented by the Indonesia Stock Exchange in 2024 on stocks listed under the Special Monitoring Board. The research aims to evaluate how the FCA affects market liquidity, particularly bid-ask spreads and trading volume, within the financial sector stocks. Methods: Employing a heterogeneous Difference-in-Differences approach, the analysis compares stock-level liquidity indicators before and after the FCA implementation. Findings: While overall treatment effects appear statistically insignificant, subgroup analysis reveals that stocks with longer exposure to the FCA exhibit significantly wider bid-ask spread and persistent reductions in trading volume. These findings …

Decision Framework For Enhancing The Adoption Of Alternative Infrastructure Funding Models In Ghana, Samuel Kojo Aidoo, Patricia Lindelwa Makoni

CSID Journal of Infrastructure Development

This paper examines the socio-economic and infrastructure conditions that determine Ghana’s readiness to adopt alternative infrastructure funding models (AIFMs) for sustainable road development. The objective of the study is to identify the macroeconomic and sectoral drivers of AIFMs’ adoption and to develop policy frameworks for the sustainable financing of infrastructure within Ghana’s context. Ordinary Least Squares (OLS) regression analysis is applied to annual data from 2003 to 2023 to examine the relationship between macroeconomic and infrastructure indicators and economic growth , which is used as a proxy for the viability of AIFMs. The results show that employment growth, educational attainment, …

Digital Zakat And Islamic Fintech: A Bibliometric Analysis Of Global Research Trends And Collaboration Networks (2012–2025), Muhamad Dupi, Fauziyah Adzimatinur

Journal Of Middle East and Islamic Studies

This paper examines global research trends, collaborative networks, and prevailing themes in digital zakat and Islamic fintech studies published from 2012 to 2025. We retrieved a total of 194 Scopus-indexed publications using bibliometric methods on September 23, 2025, and analyzed them using VOSviewer version 1.6.20. The analysis set a minimum occurrence threshold of 5 for keywords and a minimum citation threshold of 10 for documents. The results indicate that the number of publications has been steadily rising since 2017, with the most in 2023 (42 documents). Malaysia, Indonesia, and Nigeria were the top contributors, and INCEIF University and the International …

QawāʿId Al-Fiqh On Government Energy Subsidies: Controlling Inflation Amid Economic Recovery, Nuzulul Firdaus, Nur Fatwa

Journal Of Middle East and Islamic Studies

The war between Russia and Ukraine significantly affected world life, one of which was the increase in world oil energy prices. Indonesia, in this case, which still imports a lot of energy, is also affected. The government needs to implement policies to face these global challenges, one of which is to provide subsidies for energy so that state budget funds can assist people's purchasing power for energy because if not, this will lead to an increase in the prices of goods and services so that there will be inflation. Still, on the other hand, Indonesia is also carrying out a …

Trusting Ai In Finance: The Role Of Psychological Traits And Ai Literacy In Shaping User Behaviour Toward Robo-Advisors, Sukma Aini

The South East Asian Journal of Management

Research Aims: This study investigates the influence of psychological traits, risk tolerance, trust propensity, and AI literacy on trust in robo-advisors and subsequent financial behaviour within Indonesia’s expanding fintech landscape.

Design/Methodology/Approach: Data were collected through a survey of 235 Indonesian users with prior robo-advisor experience, and the hypotheses were tested using Partial Least Squares Structural Equation Modelling (PLS-SEM).

Research Findings: The results revealed that risk tolerance, trust propensity, and AI literacy significantly predicted financial behaviour, both directly and indirectly, through their positive effects on trust in AI. Trust emerged as a central mediating mechanism, particularly for trust propensity and AI …

Analisis Dampak Kebijakan Insentif Fiskal Terhadap Tingkat Komponen Dalam Negeri (Tkdn) Industri Manufaktur Di Indonesia, Muhammad Muhammad, Riyanto Riyanto

Jurnal Kebijakan Ekonomi

Over the last decade, the manufacturing sector's contribution to Indonesia's economy has declined. In 2010, it was 29.10% of GDP, but by 2022, it had dropped to 19.14%. Employment in the sector also fell, from 14.91% of the workforce in 2010 to 13.80% in 2022. To reverse this trend, the government introduced a policy to boost the Domestic Component Level (DCL) in manufacturing. By offering fiscal incentives to industries meeting certain DCL targets, the government aims to drive economic growth and job creation. A study using BPS data from 2008-2019 shows that this policy raised DCL by 23.5%.

Politisasi Anggaran Bantuan Keuangan Oleh Petahana Pada Pilkada Serentak Di Indonesia, Austin Nalsalina Sinaga

Jurnal Kebijakan Ekonomi

This study aims to inquire the Political Budget Cycle (PBC) by examining the relationship between the presence of an incumbent during the simultaneous district/city level elections in 2015, 2017, 2018, 2020 and village financial assistant. Using the village financial assistant data in 2013-2021, this study conducts a random effect model. The results showed that the existence of an incumbent is significantly correlated with an increase in village financial assistant in one or two years prior to election. Meanwhile, in the election year, there is no significant relationship between variables. The PBC took place in the years prior to election.