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All Journal Jurnal Akuntansi dan Bisnis Journal of Islamic Monetary Economics and Finance
Tastaftiyan Risfandy
Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia
Economics, Econometrics & Finance

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Digital Financial Inclusion, Digital Financial Literacy, and Financial Self-Efficacy Sutarmi Sutarmi; Tastaftiyan Risfandy; Inas Nurfadia Futri
Jurnal Akuntansi dan Bisnis Vol 26, No 1 (2026): In Progress
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jab.v26i1.1740

Abstract

Digital financial inclusion has become progressively viewed as an essential instrument to advance economic development that is both inclusive and sustainable. However, the behavioral factors influencing its adoption remain poorly understood. This research examines the variables shaping of digital financial inclusion among communities in Surakarta, Indonesia, emphasizing the effect of digital financial literacy and financial self-efficacy. Survey data from 258 purposively selected respondents were analyzed using logistic regression in STATA software. The results indicate that digital financial literacy serves as a key determinant in shaping financial self-efficacy and encourages individual participation in digital financial services. However, financial self-efficacy does not directly influence digital financial inclusion or act as a mediating variable. Additional findings reveal that increasing age tends to reduce the extent of digital financial inclusion, whereas income is positively related to it, and education level is inversely related to it. Digital financial literacy has been shown to be a key determinant, compared to psychological factors, in expanding digital financial inclusion. Therefore, strengthening education and community empowerment programs is crucial for building an inclusive digital financial ecosystem.Kata kunci: 
Islamic Label and Stock Price Crash Risk Bambang Sutrisno; Irwan Trinugroho; Taufiq Arifin; Tastaftiyan Risfandy
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2661

Abstract

This study explores how an Islamic label on firms influences stock price crash risk in Indonesia. We utilize a sample of 566 nonfinancial firms listed between 2016 and 2021, apply panel data method, and find that the Islamic label benefits the firms by lowering crash risk. Investors consider firms with the Islamic label as lower risk due to leverage constraints they must adhere to, which contributes to a decreased crash risk. Our primary results are robust to various sensitivity analyses. We also find that dividend policy and audit quality strengthen the Islamic label-crash risk nexus. The COVID-19 pandemic weakens the link between the Islamic label and crash risk. Furthermore, the Islamic label-crash risk nexus persists for up to two years.  
Co-Authors Bambang Sutrisno Inas Nurfadia Futri Irwan Trinugroho Sutarmi Sutarmi Taufiq Arifin