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All Journal Journal The Winners Journal of Environmental Science and Sustainable Development Emerging Markets : Business and Management Studies Journal Jurnal Ilmiah Akuntansi Kesatuan Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences AICS Prosiding Konferensi Nasional PKM-CSR Journal Of World Science Indonesian Capital Market Review
Bustaman, Yosman
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Religion Arts Humanities Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Nursing Public Health Social Sciences

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Financial Innovation and Restriction Hypothesis in the Banking Industry: Evidence from ASEAN- 5 Bustaman, Yosman; Viverita, Viverita; Lingga, Margaretha TP; Siahaan, Antonius P.
The Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

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This study investigates the financial innovation impact on bank market power in ASEAN banking from 2008 to 2018. It uses income diversification as a representative of financial innovation. The im- pact of countries’ development of financial innovation on market power is measured by the number of ATM, internet, and cellular phone users. The data panel regression model reveals that diversified banks may enjoy higher market power. This result rejects the banking restriction activity hypothesis, which states that a bank that diversifies its income stream results in increased competition. A higher number of available ATMs and more internet users lowers the percentage disparity of price and marginal cost and consequently increases the market competitiveness. Nevertheless, an increasing number of cellular users in the country increases market power. Conjecturally, more people use the online bank platform on their cellular phones, which creates a greater flow of fees to the bank.
EVALUATING IMPACT OF SUSTAINABILITY PRACTICES AND OPERATIONAL EFFICIENCY ON FIRM VALUE IN INDONESIA’S MINING SECTOR Windyasari, Erika; Bustaman, Yosman
Journal of Environmental Science and Sustainable Development Vol. 9, No. 1
Publisher : UI Scholars Hub

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Sustainability practices are increasingly prominent in investor assessments of firm value Nevertheless, empirical evidence regarding which specific environmental practices are incorporated into capital market valuations remains inconclusive, particularly within mining sectors in emerging markets. This study investigates the correlation between sustainability practices energy efficiency, water management, waste management, renewable energy adoption and environmental quality (PROPER rating) together with operational efficiency and firm value in Indonesian listed mining firms. The analysis uses panel data for 23 firms over 2017–2023. Firm value is measured by Tobin’s Q, while operational efficiency is measured using Data Envelopment Analysis (DEA). The correlation is estimated using panel regression models. The results show that renewable energy adoption is the only sustainability practice which positively and significantly correlated with firm value (β=1.2026, p=0.0227). Firm size is also positively correlated with Tobin’s Q (β=0.4195, p<0.001). However, energy efficiency, water management, waste management, environmental quality (PROPER rating) and DEA based operational efficiency are not significantly correlated with firm value in the observed period. These findings indicate that capital markets place higher weight on strategic sustainability commitments, particularly energy transition than on incremental operational improvements. By disaggregating sustainability dimensions and incorporating efficiency measures, this study contributes to the literature on sustainability firm value correlates in resource-based industries within emerging markets. The results imply that while renewable energy investments may be more reflected in market valuation, other environmental and efficiency related practices may require longer time horizons or stronger disclosure mechanisms to be recognized by investors. Enhancing the credibility of sustainability reporting may therefore improve the alignment between firm performance and market perception.
Co-Authors Budianto, Diga Cendekia Dwiyana, Meidi Dyah Kusumastuti, Ratih Gunawan, Victor Krisnawati, Nila La Are, Robert Lingga, Margaretha TP Namira, Febby Pramono, Aria Bimo Setyo Rafif, Helmi Ratih Dyah Kusumastuti Rifelly Dewi Astuti Roossiana, Artalia Indah Siahaan, Antonius P. Viverita Viverita Windyasari, Erika Winoto, Agustinus