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All Journal Jurnal Tata Kota dan Daerah The Asian Journal of Technology Management (AJTM) Widya Cipta : Jurnal Sekretari dan Manajemen Journal of Economic, Bussines and Accounting (COSTING) Indonesian Journal of Energy International Journal of Economics Development Research (IJEDR) Devotion: Journal of Research and Community Service Journal of Research in Social Science and Humanities Jurnal Indonesia Sosial Sains Cerdika: Jurnal Ilmiah Indonesia Eduvest - Journal of Universal Studies Journal Integration of Social Studies and Business Development Journal Integration of Management Studies Journal of Tourism, Hospitality and Travel Management (JTHTM)
Rahadi, Raden Aswin
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Integrating ESG Principles in Financing Practices at Clove Bank: A Literature Review Nusantara, Tariska Rosseliny; Rahadi, Raden Aswin
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.271

Abstract

Globally important with consequences spanning boundaries is the problem of climate change. This is why the United Nations Framework Convention on Climate Change (UNFCCC) arranged the Paris Agreement in 2015, so establishing a worldwide framework meant to slow down and control climate change. Signing the Paris Agreement in 2016, Indonesia made a significant progress in its dedication to climate change problems. Indonesia made an increased Nationally Determined Contribution (NDC) under the Paris Agreement, and long-term plans underline a diverse approach meant to be towards significant climate action. As part of Indonesia's transition efforts, financial institutions are considered to have a major impact on the creation of a Net Zero Emission Indonesia by 2060, which in practice requires significant financial support. As a result, Otoritas Jasa Keuangan (OJK), the regulator of financial institutions in Indonesia, has mandated the adoption of sustainable financing practices across financial institutions. This study focuses on Clove Bank, Indonesia’s largest transactional bank, which holds significant influence in the nation’s economic landscape. This research aims to derive a conceptual framework that can be used to asses Clove Bank’s sustainable financing practices, leveraging its unique position to contribute to Indonesia’s climate change goals. A structured literature review was conducted to identify key aspects critical to the implementation of sustainable financing. The findings underscore the need to evaluate both internal capabilities and the supporting external environment. The results not only establish a comprehensive framework for Clove Bank but also offer a foundation for broader applications across the financial sector. The uniqueness of this study is that there are still few studies on the implementation of sustainable finance in Indonesia, so this study can fill the gap. For future research could explore additional dimensions or case studies to further enhance sustainable finance implementation strategies. Keywords: ESG, Sustainable Financing, Green Financing, Indonesian Bank, Sustainable Framework
Harnessing The AAOIFI Transaction Standard for Halal Digital Entrepreneurship Engagement: Empirical Evidence from Indonesian Entrepreneurship Arifin, Afrad; Ginting, Henndy; Rahadi, Raden Aswin; Hidayat, Sutan Emir
The Asian Journal of Technology Management (AJTM) Vol. 17 No. 3 (2024)
Publisher : Unit Research and Knowledge, School of Business and Management, Institut Teknologi Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12695/ajtm.2024.17.3.1

Abstract

Abstract. Halal entrepreneurship is relevant for national economic growth, with the application of the AAOIFI transaction standard (ATS) having diverse impacts on halal digital entrepreneurship engagement. Despite the significant halal market value, ATS influence on business practices presents significant opportunities and challenges for halal digital entrepreneurship engagement, particularly in Indonesia. This qualitative study investigates the relevance and applicability of ATS in Indonesia’s halal digital entrepreneurship engagements through 13 purposive sampling semi-structured interviews analyzed thematically (open coding and axial coding) using NVIVO software. Findings accompanied by negative cases highlight the practical theme of strategic engagement and application of the ATS, contributing new perspectives to halal entrepreneurship theory and practice in halal digital business that harnesses the ATS. This theoretical implication extends the understanding of halal digital entrepreneurship and conforms to the importance of integrating AAOIFI into the halal ecosystem. Practical implications include leveraging ATS for digital business growth while upholding Islamic values, extending ATS application to the real sector, both globally and digitally, and understanding ATS as crucial for success in halal digital businesses.  Keywords:  Halal entrepreneurship, entrepreneurship engagement, AAOIFI transaction standard, Indonesia’s halal digital business, thematic analysis
FINANCIAL DUE DILIGENCE FOR MERGER AND ACQUISITION PT XL AXIATA TBK AND SMARTFREN TELECOM Ilhami, Muhammad Livain; Rahadi, Raden Aswin
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 6 (2024): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i6.13623

Abstract

This study examines the financial due diligence for the proposed merger between PT XL Axiata Tbk and PT Smartfren Telecom in Indonesia’s competitive telecommunications industry. This research provides a detailed analysis of financial performance, liquidity, solvency, synergy value, and valuation using Discounted Cash Flow (DCF) methodology. The findings reveal that XL Axiata demonstrates financial strength, with strong profitability and operational efficiency metrics, while Smartfren Telecom exhibits financial vulnerabilities, including liquidity and solvency challenges. The synergy value of the merger is estimated to create significant economic gains by leveraging operational efficiencies, cost reductions, and revenue expansion opportunities. The combined entity’s potential for improved competitive positioning and sustainable growth is supported by the projected creation of 8,626 billion in synergy value. However, the Altman Z-Score analysis flags financial distress for both companies, necessitating focused risk mitigation strategies and effective post-merger integration. This research underscores the merger’s potential to enhance shareholder value and market competitiveness while highlighting the critical importance of addressing integration challenges and financial risks. The study provides a framework for evaluating similar mergers within the capital-intensive telecommunications sector.
RISK ASSESSMENT OF RATTAN MANUFACTURER AS BUSINESS IMPROVEMENT (CASE STUDY: CV. TROPICA RATTAN) Pratama, Reyhan; Rahadi, Raden Aswin
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 6 (2024): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i6.13653

Abstract

Indonesia's rattan industry, a major contributor to the Indonesian economy, faces significant challenges, such as fluctuating raw material supply, rising production costs, and competition from synthetic furniture products. CV Tropica Rattan, a mid-sized company in Cirebon, faces the challenges of declining export performance and limited innovation. This study applies a customized risk management framework to address operational and financial risks that may affect CV Tropica Rattan. Internal and external analysis was conducted using Business Model Canvas and PESTLE to identify possible risk factors. The Analytical Hierarchy Process was then used to prioritize the risks to implement mitigation strategies efficiently. Semi-structured interviews and focus group discussions provided qualitative insights, while secondary data was used to support contextual analysis. The results show that structured risk management can improve the company's resilience and competitiveness while providing a model that can be used for similar MSMEs in the rattan industry. This research contributes to understanding how tailored risk strategies can promote sustainable growth and operational efficiency in traditional manufacturing.
Utilizing AI In Indonesia's Financial Sector: Strategies For Inclusive Economic Development Rahadi, Raden Aswin; Afgani, Kurnia Fajar; Hakam, Dzikri Firmansyah; Anggoro, Yudo; Boediman, Alfred; Indrayana, Gun Gun; Susanto, Eko
Journal Integration of Social Studies and Business Development Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v3i1.286

Abstract

The paper explores the revolutionary potential of Artificial Intelligence (AI) in Indonesia's financial ecosystem, highlighting its capacity to improve operational efficiency, foster financial inclusion, and tackle specific socio-economic concerns. This study emphasizes Indonesia's varied demographic and digital environment, illustrating how AI-driven innovations like decentralized finance (DeFi), predictive analytics, and blockchain integration transform financial products to cater to disadvantaged people. This study utilizes over 20 scholarly publications and international case studies to highlight the strategic significance of promoting ethical AI practices, mitigating algorithmic bias, and closing infrastructural and talent disparities to achieve sustainable and inclusive economic growth. The results support implementable methods, such as public-private collaborations, strong regulatory structures, and AI-driven individualized financial solutions, to optimize the advantages of digital transformation in Indonesia's financial industry. Future research must emphasize empirical investigations into AI's capacity to mitigate financial inequalities and stimulate regional innovation, thereby establishing Indonesia as a frontrunner in AI-facilitated economic transformation.
Comparison Of Steroid-Resistant Nephrotic Syndrome Therapy In Children Using Alkylating Agents, Calcineurin Inhibitors, And Monoclonal Antibodies: A Cost-effective Perspective Widiasta, Ahmedz; Rahadi, Raden Aswin; Bagaskara, Danang Pangestu Gusti; Rachmadi, Dedi; Hilmanto, Dany
Journal Integration of Management Studies Vol. 3 No. 1 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v3i1.293

Abstract

Chronic kidney disease (CKD) poses significant medical and economic challenges, particularly in pediatric patients, with steroid-resistant nephrotic syndrome (SRNS) being a major contributor. Despite the financial support provided by Indonesia’s BPJS health insurance system, the rising prevalence of SRNS necessitates a reassessment of treatment strategies. This study retrospectively analyzed pediatric SRNS cases at Hasan Sadikin General Hospital, Bandung, from 2010 to 2019, focusing on the effectiveness and cost-efficiency of different treatment regimens, including calcineurin inhibitors (CNIs) and cyclophosphamide (CPA). Among 2,590 SRNS cases, CPA achieved a remission rate of 48.75%, whereas CNIs demonstrated superior efficacy, with tacrolimus (96.87%) and cyclosporine A (75.61%) achieving significantly higher remission rates in 2018–2019. Although CNIs incurred higher initial costs, they were more cost-effective in the long term. Rituximab (RTX) emerged as a promising alternative, with a 90% remission rate, offering potential savings by reducing disease progression and preventing more expensive treatments associated with advanced CKD. These findings highlight the necessity for a strategic shift in SRNS treatment protocols, emphasizing not only immediate costs but also long-term health outcomes and financial sustainability. Integrating RTX into standard treatment guidelines could enhance patient prognosis while optimizing healthcare expenditures. However, further research is needed to evaluate the long-term health impacts, expand the demographic scope, and refine cost-effectiveness analyses. A comprehensive approach to SRNS management, prioritizing both clinical efficacy and economic viability, is crucial to improving pediatric CKD outcomes and ensuring the sustainability of national healthcare resources.
Financial Management Behavior of Micro-Businesses in Tourism Destinations: A Qualitative Study Boediman, Alfred; Susanto, Eko; Afgani, Kurnia Fajar; Rahadi, Raden Aswin
Journal of Tourism, Hospitality and Travel Management Vol. 2 No. 1 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jthtm.v2i1.300

Abstract

This study explores the financial management behavior of micro-businesses in tourism destinations across West Java, Indonesia. Using a qualitative descriptive approach, data were collected through in-depth interviews and observations of eight micro-entrepreneurs operating in Pangandaran, Lembang, Ciwidey, Ciletuh Geopark, and Puncak. The findings reveal that financial management practices are predominantly informal, with minimal record-keeping, mixing personal and business finances, and reliance on daily cash flow. Low financial literacy, seasonal income fluctuations, and psychological biases such as loss aversion and overconfidence shape these behaviors. Micro-businesses tend to avoid formal financial institutions due to perceived complexity, fear of debt, and limited understanding of financial products, leading to a preference for informal financing sources. The study highlights that these factors weaken financial resilience and hinder business sustainability. Furthermore, limited financial literacy interventions have had minimal impact on changing financial behavior. The research recommends tailored financial literacy programs and access to simplified formal financial services to strengthen micro-business resilience. Addressing knowledge gaps and behavioral tendencies is essential to enhancing financial management practices and supporting micro-enterprises sustainable growth within West Java’s tourism sector.
Enhancing Credit Risk Management In Microfinance: A Study On Addressing Non-Performing Loans At Rukun Ikhtiar Savings And Loan Cooperative Saffana, Indri Sanabila; Rahadi, Raden Aswin
Journal of Research in Social Science and Humanities Vol 5, No 2 (2025)
Publisher : Utan Kayu Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47679/jrssh.v5i1.262

Abstract

The existence of financial cooperatives is crucial for supporting economic activities, particularly for small and medium-sized enterprises (SMEs). However, the increasing rate of Non-Performing Loans (NPLs) poses a significant risk to their sustainability. This study investigates the Rukun Ikhtiar Savings and Loan Cooperative (KSP RI), which is confronted with a persistent rise in non-performing loans (NPLs). Utilizing a dual approach, encompassing both quantitative and qualitative methods, this study assesses the financial performance and the efficacy of credit risk management at KSP RI. The quantitative analysis found that NPL, Loan to Deposit Ratio (LDR), Net Interest Margin (NIM), and Operating Expenses to Operating Income (BOPO) significantly affect Return on Asset (ROA), which highlights KSP RI's financial performance against increasing NPLs. Qualitative analysis using the Five C's credit framework, identified weaknesses in lending procedures, leading to the extension of credit to unqualified borrowers. To address this issue, the study recommends, implementing stricter lending policies with Five Cs framework, enhancing staff capacity through training and utilizing technology to improve risk monitoring. These findings provide insights for KSP RI and other microfinance institutions in strengthening credit risk management and provide a framework for future research.
An Overview of Indonesian Renewable Energy Studies and Its Investment Opportunities Boediman, Alfred; Rahadi, Raden Aswin; Nugraha, Bagus Aditya
Indonesian Journal of Energy Vol. 4 No. 2 (2021): Indonesian Journal of Energy
Publisher : Purnomo Yusgiantoro Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33116/ije.v4i2.123

Abstract

By conducting a synthesis review of recent literature, this study aims to provide a comprehensive conceptual model for acknowledging factors determining private investment in the renewable energy sector within an emerging country, Indonesia. The synthesis and thus guides stakeholders to encourage investment from the private sector in renewable energy development. From this study, the authors summarized all factors studied arguably influential in affecting the private sector to invest as a source of development funding and presenting several key indicators of renewable energy investment opportunities in Indonesia. The factors that influence the development of the energy sector include policies related to human capital, environmental protection and energy efficiency. Therefore, this study should serve as the baseline for future advanced studies. Keywords: renewable energy, investment opportunities, emerging country, Indonesia
Spatial Land Suitability for Paddy Cultivation: Empirical Analysis of Its Impact on Export Volume and Exchange Rates Behavior in Indonesia Safrina, Nikma Fista; Rahadi, Raden Aswin
International Journal of Economics Development Research (IJEDR) Vol. 6 No. 4 (2025): International Journal of Economics Development Research (IJEDR)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ijedr.v6i4.7908

Abstract

This study explores the linkages between geographical land suitability for rice cultivation and fluctuations in the Rupiah to US Dollar (IDR/USD) exchange rate in Indonesia's macroeconomic context. Combining qualitative and quantitative approaches, the study involved stakeholder interviews and regression analysis of national economic time series data from 1994 to 2024. Spatial analysis using the Multi-Criteria Decision Analysis (MCDA) approach was used to assess land suitability, considering legal restrictions on conversion of paddy fields and conservation forests. Results show that land suitability-based rice production has a statistically significant effect on exchange rate at the 10% level (p = 0.0883), with a positive coefficient of 0.0499, indicating that increased production is associated with Rupiah depreciation. In contrast, GRDP shows a significant negative effect on the exchange rate (p < 0.05), indicating its contribution to currency appreciation. Mediation analysis revealed that although rice production significantly increased export volume (p = 0.0053), the relationship between export and exchange rate did not prove significant (p = 0.3962). This suggests that increased production does not automatically strengthen the exchange rate without effective integration into the trading system. The qualitative interviews highlighted the importance of adaptive strategies by stakeholders in food security management. The findings emphasize the need for synchronization between agricultural expansion policies and macroeconomic strategies to sustainably achieve exchange rate stability and national food security.
Co-Authors Afgani, Kurnia Fajar Ahmedz Widiasta Amri, Mulya Anggoro, Yudo Arbrianto, Dimas Ardelia, Rahmadina Arifin, Afrad Aryawati, Ayu Bagaskara, Danang Pangestu Gusti Boediman, Alfred Dany Hilmanto Dedi Rachmadi Dewi, Ineu Utami Eko Susanto Esri Hestiningtyas Fajar Afgani, Kurnia Firmansyah Hakam, Dzikri Ganesworo, Muhammad Galing Ginting, Henndy Hakam, Dzikri Firmansyah Hapsariniaty, Alia Widyarini Hidayat, Sutan Emir Ilhami, Muhammad Livain Imaduddin, Aufarizqi Indrayana, Gun Gun Muhammad, Reyhan Devtyan Mulya, Haekal Hanifah Nugraha, Bagus Aditya Nusantara, Tariska Rosseliny Pratama, Reyhan Putri, Sripamesti Raksakadarma, Bayu Avrianto Ramiza, Fitradi Ria, Poeti Saffana, Indri Sanabila Safrina, Nikma Fista Saleh, Mivaldo Razaq Wardana Siahaan , Uke Marius Siahaan, Uke Marius Wijaya, GP Aji