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All Journal Journal of Indonesian Applied Economics Journal of Indonesian Economy and Business JOIV : International Journal on Informatics Visualization Jurnal Akuntansi : Kajian Ilmiah Akuntansi (JAK) Indonesian Journal of Artificial Intelligence and Data Mining Politik Indonesia: Indonesian Political Science Review Jurnal Samudra Ekonomi dan Bisnis Jurnal Manajemen Jurnal Manajemen dan Usahawan Indonesia Jurnal Akuntansi dan Keuangan Jurnal Akuntansi dan Keuangan Indonesia Indonesian Capital Market Review The South East Asian Journal of Management Inkubis: Jurnal Ekonomi dan Bisnis Eduvest - Journal of Universal Studies Indonesian Journal of Advanced Research (IJAR) Prosiding Seminar Nasional dan Call Paper STIE Widya Wiwaha Jurnal Manajemen dan Usahawan Indonesia International Research Journal of Business Studies
Husodo, Zaafri Ananto
Department Of Management, Faculty Of Economics And Business, Universitas Indonesia
Aerospace Engineering Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Neuroscience Social Sciences

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FULL CALL AUCTION AND MARKET LIQUIDITY: LESSONS FROM IDX Teto, Columbanus; Husodo, Zaäfri Ananto
Jurnal Akuntansi dan Keuangan Indonesia Vol. 22, No. 2
Publisher : UI Scholars Hub

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Abstract

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 indicate that, although the FCA was introduced to improve transparency and market integrity, it may have inadvertently reduced market participation and liquidity. Conclusion: The study highlights the critical role of market design in emerging markets and recommends adopting complementary mechanisms, such as Designated Market Makers, to support liquidity in auction-based systems. Novelty/Originality of this article: This research contributes to the market microstructure literature and provides practical insights for regulators seeking to enhance trading efficiency in emerging capital markets.
The Impact of Celebrity News on Entertainment Industry Stock Prices Ariani, Alexandra Widuri; Husodo, Zaäfri Ananto
The Indonesian Capital Market Review Vol. 16, No. 1
Publisher : UI Scholars Hub

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Abstract

South Korea's entertainment industry has garnered global popularity. However, the competition between entertainment companies is fierce, necessitating strategies to ensure their survival, such as imposing restrictions on their artists to maintain their public image and trust. This study examined the impacts of celebrity news and activities on the stock returns of six major entertainment companies listed on the Korea Exchange (KRX) from 2018-2021. Employing the Fama-French 3 Factors Model regression, the study investigated the presence of abnormal returns. The findings indicate that comebacks and debuts elicit positive reactions and generate significant abnormal returns. Award acceptances and military service also elicit positive reactions but do not generate significant abnormal returns. Dating news, internal scandals, and national scandals elicit negative reactions. However, only national scandals generate significant abnormal returns. These findings imply that entertainment companies and investors should actively manage and monitor celebrity news to make informed decisions.
The Effect of Tax Relief Regulations on Dividend Policy of Publicly Listed Companies in Indonesia Harapon Angun Kasogi; Zaäfri Ananto Husodo
Jurnal Akuntansi dan Keuangan Vol. 27 No. 1 (2025): MAY 2025
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.27.1.62-78

Abstract

This study aims to analyze the impact of tax relief regulations, effective since 2021, on the dividend policies of publicly listed companies in Indonesia. We use panel data covering a three-year period before and after the implementation of the tax relief. This study uses a total of 413 listed companies, resulting in 2489 observations over the six-year research period. Logit regression and fixed-effect regression analyses are employed to identify the effects on the number of companies distributing dividends and the total dividends distributed, with firm-specific characteristics used as control variables. The logit regression results indicate that tax relief does not lead to a significant increase in the number of companies distributing dividends. However, there is a significant increase in the dividend levels among dividend-paying companies. To further encourage dividend distribution, the government can optimize existing regulations by considering criteria for tax relief eligibility based on dividend distribution activities. These findings can also serve as a consideration for investors when constructing their portfolios and for companies when designing dividend policies.
Worldwide Recessions and Herding Behaviour: A Comparative Analysis of Three Countries Nurtantyo Pratomo Suyadi; Zaäfri Ananto Husodo
Eduvest - Journal of Universal Studies Vol. 4 No. 10 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i10.40134

Abstract

The general suggestion that behavioral science plays a part in creating abnormalities within the financial sector has been studied and proposed many times in the past. This study aims to prove the existence of behavioral sciences, specifically herding behavior, in three countries with different market conditions: Indonesia (Emerging), Vietnam (Frontier), and the United States (Developed). We developed our methodology using quantile regression to study the existence of herding behavior, and our findings were as follows: (1) As expected, the US didn’t have any indication of a statistically significant herding presence; they do, however, indicate an insignificant presence of herding behavior in the post-covid period under bearish conditions (2) Vietnam does not indicate significant herding tendencies, (3) Surprisingly, Indonesia did not exhibit statistically significant herding presence, but both Indonesia and Vietnam exhibited the slight presence of herding behavior but still relatively insignificant.
DO PEER BANKS MATTER? IDENTIFYING PEER EFFECTS IN LIQUIDITY HOARDING BEHAVIOR IN INDONESIA Sekar Satiti; Zaafri Ananto Husodo
Prosiding Seminar Nasional dan Call Paper STIE Widya Wiwaha Vol 4 No 1 (2025): International Seminar Proceedings and Call for Paper STIE Widya Wiwaha
Publisher : Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32477/semnas.v4i1.1318

Abstract

This paper examines the influence of peer effects on liquidity hoarding behavior and banking stability in Indonesia from 2018 to 2025. Using panel data from 44 banks categorized according to the KBMI classification, the estimation results reveal the presence of interbank contagion in liquidity hoarding, whereby banks adjust their liquidity buffers in response to the behavior of other banks. Furthermore, liquidity hoarding has a significantly negative effect on bank stability, as measured by the Z-score, indicating a defensive response by banks amid heightened uncertainty. These findings underscore the importance of monitoring systemic liquidity interactions across banks within Indonesia’s financial system.
Cash Flow Projection Analysis of a Defined Benefit Pension Fund Under Membership Freezing Conditions in Indonesia Kristiani Tri Lestari; Zaäfri Ananto Husodo
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.365

Abstract

Background: Defined Benefit Pension Funds (DPPK PPMP) in Indonesia face funding sustainability risks as frozen membership reduces contribution inflows while long-term pension obligations persist. Objective: This study evaluates the long-term cash flow sustainability of DPPK PPMP with frozen membership, identifies key funding determinants and deficit points, and proposes mitigation strategies. Methods: A descriptive-analytical quantitative approach was applied to 18 DPPK PPMP with frozen membership using financial statements, actuarial reports, and OJK audit results from 2023–2025. Cash flows were projected through 2062 under fixed actuarial assumptions and no new participants or operational costs. Funding ratios, net cash flows, and heatmaps were analyzed. Results: Pension Funds F and P entered negative cash flow in 2027, while B, C, L, and O maintained funding ratios above 100% through 2062. Participants aged 56–75 represented 65% of membership, with retirees reaching 95% in some funds. Only four funds remained financially resilient, while the remainder faced high to very high funding risk. Sustainability was mainly determined by initial asset adequacy, participant demographics, and investment returns. Conclusion: Most DPPK PPMP with frozen membership face long-term funding deficits. Regular cash flow projections, strengthened Asset Liability Management, and funding recovery plans are essential to ensure sustainable pension payments.
Analysis of the Duration Gap Between Investment Assets and Liabilities in Life Insurance Companies in Indonesia Futty Pratiwi; Zaäfri Ananto Husodo
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.347

Abstract

Background: The life insurance industry faces interest rate risk arising from the mismatch between the duration of investment assets and long-term liabilities. Objective: This study examines the duration gap profile of the life insurance industry in Indonesia and identifies the factors influencing this gap, with a particular focus on the impact of implementing investment asset reclassification regulations based on the Financial Services Authority Circular Letter Number 23/SEOJK.05/2024 concerning the Form and Composition of Periodic Reports of Insurance Companies and Reinsurance Companies (SEOJK 23/2024). Methods: This study employs a quantitative approach with a panel data design to analyze the duration gap in the Indonesian life insurance industry. Results: Using panel data from 42 Indonesian life insurance companies (2,352 observations; May 2021–December 2025), this study finds that the industry maintained a consistently positive duration gap, increasing from 2.6 to 3.9 years following SEOJK 23/2024 due to longer asset duration. Fixed-effects estimation shows that the regulation significantly widened the duration gap, while larger company size reduced it, indicating stronger asset–liability management. Solvency and market share were also significant, whereas product mix and macroeconomic variables were not. Conclusion: This study provides the first empirical evidence that the Indonesian life insurance industry has consistently maintained a positive duration gap, indicating structural interest rate risk. SEOJK 23/2024 significantly widened the duration gap, while company size reduced it, underscoring the need for firm-specific asset–liability management and risk-based regulatory supervision.
Co-Authors Adela, Lita Tiami Anggayasti Hayu Anindita Ariani, Alexandra Widuri Awwaliyah, Intan Nur Boniarga Mangiring Dwi Nastiti Danarsari Dyah Sulistyowati Rahayu Estiningrum, Widya Futty Pratiwi Harapon Angun Kasogi Hardiyanto, Reynaldy Henker, Thomas Heru Suhartanto Hubbansyah, Aulia Keiko Ika Maradjabessy Intan Nurul Awwaliyah Intan Nurul Awwaliyah Irwan Adi Ekaputra Kristiani Tri Lestari Lenny Suardi Lirisanti, Dika Lita Tiami Adela Mangiring, Boniarga Margani, Mahanani Maulana Harris Muhajir Muhammad Budi Prasetyo Muhammad Rifqy Nurhayati, Immas Nurtantyo Pratomo Suyadi Ratih Dyah Kusumastuti Ririen Setiati Risca Fleureta Hudiyono Sari, Ayula Candra Dewi Mulia Sekar Satiti Sigit Sulistyo Wibowo Teto, Columbanus Thomas Henker Usman Arief Usman Arief Viverita Viverita