Garuda - Garba Rujukan Digital

The Effect of Financial Literacy and Financial Inclusion on Retirement Planning Rahmat Aryo Baskoro; Rensi Aulia
International Journal of Business Economics (IJBE) Vol 1, No 1 (2019): September - February
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Sumatera Utara

This study aims to determine the effect of financial literacy and financial inclusion on retirement planning. This study used a quantitative method with 236 respondents and processed by the method of multiple linear regression analysis. The results of the study show that financial literacy and financial inclusion have a significant effect on retirement planning, means that the higher financial literacy and financial inclusion of a person, the better their retirement planning. In addition, the results of the study showed that respondents were dominated by moderate financial literacy levels with a percentage of 55.08%, moderate financial inclusion levels with a percentage of 57.20% and high retirement planning levels with presentations of 52.54% of the total respondents. Researchers also conduct additional research by choosing one of the demographic factors, which is monthly income. The results that monthly earnings also influence retirement planning where the higher a person's monthly income, the better their retirement planning

Risk Based Capital Factors’ Impact for Reinsurance’s Business and Profitability Iga Permata Putri Mentari; Rahmat Aryo Baskoro
Eduvest - Journal of Universal Studies Vol. 3 No. 6 (2023): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v3i6.842

Reinsurance is one of important aspect from insurance business. To ruin their business, insurnaces don’t only rely on their capacity, but to their back up capacity behind them. For arising financial strength and intercalation to Indonesia’s GDP, OJK as regulatory has obligatory for insurance to ceded their insurance cession to domestic Reinsurance. Insurance business would be always linked with reinsurace due to their requirements for spreading risk (by reduce the variability of the financial costs to insurance companies arising from the claims). The prior researches give indicator that financial strenght will affect how sevice company ruin their business and profitability making. This paper aim to empirically inquire intercouse between financial strength of the company with their running business. Financial strenght for reinsurance business is the most important component due to their business characteristic, business to business. RBC as one of the parameter will be the one which impose the insurance company to lay their business. So with RBC’s component we could inquire how reinsurance’s business and profitability. This study used quantitative research method. The analysis framework is based on relationship between risk based capital’ factor in reinsurance with their business and profitability effectivity. Data will be provided secunderly by companies annual report with total 5 local reinsurance in Indonesia. And will be examined by regression model. The finding will indicate how Risk Based Capital’s factor involve business and profitability both for reinsurance company. The findings may help industry to better understand how financial power’ factor work for profitability.

Impact of Firms’ Innovation and Environmental, Social, and Governance (ESG) Score on Financial Performance: A Study of Telecommunications and Information Technology Companies Listed on APEC Member Countries’ Stock Exchanges in the Period of 2018-2022 Apriliani, Navira Putri; Baskoro, Rahmat Aryo
The Indonesian Capital Market Review Vol. 17, No. 1
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

The telecommunications and information technology sectors significantly drive economic growth through continuous innovation. This study investigates how Innovation and Environmental, Social, and Governance (ESG) metrics affect the financial performance of 80 telecommunications firms listed on stock exchanges in APEC member nations from 2018 to 2022. Innovation is evaluated based on research and development expenditures, whereas financial performance is determined by examining revenue and Tobin’s Q. Employing Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods, the findings reveal that innovation positively influences ESG scores, notably improving governance aspects. ESG scores positively impact revenue but negatively affect Tobin’s Q. Furthermore, the environmental and social scores of ESG contribute positively to revenue while showing significant and negative effects on Tobin’s Q, whereas the governance pillar demonstrates no significant influence. These findings emphasize the need for customized ESG rating approaches and reveal the varied financial impacts of ESG practices in the telecommunications and information technology industry.

The Effect of Financial Literacy and Financial Inclusion on Retirement Planning Baskoro, Rahmat Aryo; Aulia, Rensi; Rahmah, Nur Aulia
APMBA (Asia Pacific Management and Business Application) Vol. 8 No. 1 (2019)
Publisher : Department of Management, Faculty of Economics and Business, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.apmba.2019.008.01.2

This study aims to determine the effect of financial literacy and financial inclusion on retirement planning. This study used a quantitative method with 236 respondents and processed by the method of multiple linear regression analysis. The results of the study show that financial literacy and financial inclusion have a significant effect on retirement planning, means that the higher financial literacy and financial inclusion of a person, the better their retirement planning. In addition, the results of the study showed that respondents were dominated by moderate financial literacy levels with a percentage of 55.08%, moderate financial inclusion levels with a percentage of 57.20% and high retirement planning levels with presentations of 52.54% of the total respondents. Researchers also conduct additional research by choosing one of the demographic factors, which is monthly income. The results that monthly earnings also influence retirement planning where the higher a person's monthly income, the better their retirement planning.

Macroeconomic conditions and stock returns in Indonesia’s consumer sector: Evidence of sectoral heterogeneity and financial vulnerability Chairani Manasye Riama Sinaga; Rahmat Aryo Baskoro
Journal of Economic Resilience and Sustainable Development Vol. 3 No. 2: August (2026)
Publisher : Institute for Advanced Science, Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/ersud.v3i2.2026.3896

Background: This study examines the impact of macroeconomic conditions on stock returns in Indonesia’s consumer sector, with the objective of determining whether these effects differ across sectoral classifications and firms’ financial conditions. Although existing research broadly recognizes the linkage between macroeconomic indicators and stock returns, much of the literature implicitly assumes homogeneous responses across firms and sectors, particularly within the consumer industry. Methods: Using a quantitative panel data approach, this study analyzes firms in the consumer sector listed on the Indonesia Stock Exchange over the 2015–2024 period, incorporating inflation, policy interest rates, exchange rate growth, money supply (M2), unemployment, and real gross domestic product growth as explanatory variables, while controlling for profitability and leverage. Findings: The analysis employs the Common Effects Model with Panel-Corrected Standard Errors to account for heteroskedasticity and cross-sectional dependence, and introduces sector classification and financial distress, measured by the Altman Z-Score, as moderating variables. The results indicate that the influence of macroeconomic factors on stock returns is heterogeneous rather than uniform: policy interest rates consistently exert a negative and statistically significant effect, whereas the effects of inflation, exchange rate movements, money supply, unemployment, and economic growth vary across sectoral classifications and financial distress conditions, as reflected in several significant interaction terms. Conclusion: These findings imply that aggregate macroeconomic signals are transmitted to stock returns through distinct channels depending on firms’ sectoral positioning and financial health. The study therefore concludes that analyses which overlook such heterogeneity risk producing incomplete or misleading inferences regarding macro–return relationships in emerging markets. Novelty/Originality of this article: The novelty of this research lies in its integrated moderation framework, which simultaneously considers sector classification and financial distress within a unified panel setting, thereby offering a more nuanced and context-specific understanding of how macroeconomic factors shape stock returns in Indonesia’s consumer sector.

Geoeconomic risk and digital assets: Evaluating bitcoin’s hedge role against Indonesia’s stock market Darrel Afrian Tjahjadi; Rahmat Aryo Baskoro
Economic Military and Geographically Business Review Vol. 3 No. 2: (January) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v3i2.2026.3300

Background: This study assesses whether Bitcoin functions as a hedge and safe-haven against the Jakarta Composite Index/Indeks Harga Saham Gabungan (IHSG), particularly following the launch of the Spot Bitcoin ETF on January 10, 2024. Despite being widely portrayed as “digital gold,” prior studies show mixed evidence on Bitcoin’s protective role, especially in emerging markets. Given the relatively high volatility of the Indonesian stock market, evaluating Bitcoin’s risk-mitigation potential becomes increasingly relevant. Methods: The analysis employs the Dynamic Conditional Correlation GARCH (DCC-GARCH) model to estimate time-varying correlations between Bitcoin and IHSG, alongside Ordinary Least Squares (OLS) and quantile regression to examine hedge and safe-haven behavior under normal and extreme market conditions. The study explicitly compares pre- and post-ETF periods to capture potential structural changes. Findings: results indicate that Bitcoin does not function as a hedge, reflected in its positive and volatile average correlation with IHSG. Quantile regression further shows that Bitcoin fails to provide protection at extreme IHSG quantiles, both before and after the ETF launch. DCC-GARCH estimates confirm that correlations are time-varying but remain predominantly positive, failing to meet safe-haven characteristics. Moreover, the Spot Bitcoin ETF launch did not significantly enhance Bitcoin’s protective role, despite improving legitimacy and institutional participation. Conclusion: Overall, Bitcoin is better positioned as a diversifier with unstable correlation patterns rather than as a hedge or safe-haven for the Indonesian stock market, with important implications for investors, portfolio managers, and regulators. Novelty/Originality of this article: This study provides early emerging-market evidence on Bitcoin’s hedge and safe-haven properties using a combined DCC-GARCH, OLS, and quantile regression framework while explicitly comparing pre- and post-Spot Bitcoin ETF periods.

Title

Found 6 Documents
Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title Search

Found 6 Documents Search

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Title

Found 6 Documents
Search