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All Journal Jurnal Keuangan dan Perbankan BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Journal of Central Banking Law and Institutions
Syarifuddin, Ferry
Unknown Affiliation
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Factors Influencing Dividend Policy on Mining Companies Listed in Indonesia Stock Exchange 2011-2015 Ingrit, Ingrit; Siregar, Hermanto; Syarifuddin, Ferry
BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Vol. 24, No. 2
Publisher : UI Scholars Hub

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

Abstract

The mining sector has an important role in economic development in Indonesia. Mining company has to have good responsibility to make investors trust in investing, especially in dividend policy. The dividend policy influenced by many factors such as micro and macroeconomics variables which influence investors to invest in mining companies. This research aims to examine the analysis of the current ratio, debt to equity ratio, return on assets, investment credit interest rate, exchange rate, mining stock price index and industrial production index toward the dividend policy. The samples used in this study are 10 mining companies listed in Indonesia Stock Exchange during the period 2011 to 2015. The significance influence test of independent variables is using panel data regression model with significant level (α) of 1%. 5% and 10%. Classic assumptions testing are conducted in order to obtain the best results including normality test, multicolinearity test, and heterocedasticity test. The result shows that the current ratio, debt to equity ratio, return on assets, investment credit interest rate, mining stock price index and industrial production index significantly toward dividend payout ratio. The results also show that the exchange rate is not a significant toward dividend payout ratio.
Asymmetric volatility and macroeconomic factors on Indonesian government bond returns Megasari, Debbie; Siregar, Hermanto; Syarifuddin, Ferry
Jurnal Keuangan dan Perbankan Vol 23, No 3 (2019): July 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v23i3.2613

Abstract

Macroeconomic are important variables influencing volatility in the bond market. Some of the challenges faced such as default risk, liquidity risk, interest rate risk, inflation risk, and exchange rate risk. This study is aimed at examining asymmetric volatility using the EGARCH model and at estimating macroeconomic variables which influence the return of Indonesian Government bonds. The asymmetric volatility can be measured by determining the best order value of the EGARCH model. Based on the findings of the study, EGARCH (2.1) is the best model for assessing volatility in short-term SUN returns, EGARCH (3.1) for medium-term SUN and EGARCH (2.3) for the long term. The asymmetric volatility pertains in the returns of short, medium and long-term government bonds. In addition, the negative information has a greater impact than positive information in the short, medium and long term. The deposit rate and return of the Composite Stock Price Index have a significant positive effect on short, medium and long term bond returns. The effective federal funds rate or FED interest rate has a significant positive effect on the return of short and long-term SUN bonds while in the medium term it has no effect. Exchange rates have a significant negative effect on short, medium and long term bond returns.JEL Classification: D13, I31, J22DOI: https://doi.org/10.26905/jkdp.v23i3.2613
OPTIMAL CENTRAL BANK DIGITAL CURRENCY DESIGN FOR EMERGING ECONOMIES Syarifuddin, Ferry
Journal of Central Banking Law and Institutions Vol. 3 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i2.194

Abstract

The growth of digitalisation presents the possibility for Central Bank Digital Currency (CBDC) to emerge as a secure and efficient payment method. However, despite the benefits, CBDC implementation needs to be adapted to the capabilities and needs of each country. This study uses meta-strength, weakness, opportunity, and threat (meta-SWOT) analysis to assess the internal strengths and weaknesses, as well as the external opportunities and threats, to determine the most optimal CBDC design for emerging economies. In analysing internal aspects, CBDC allows for an efficient payment system, followed by a more effective monetary policy. Furthermore, the technology creates the possibility to boost financial inclusion and trace many illicit activities. However, to achieve that, high investment costs and privacy issues must be accommodated, followed by technological risks such as the digital divide and electrical outages. Turning to external aspects, growing technology, the network effect, enthusiasm for CBDC, and the impracticality of cash usage have become catalysts for CBDC development. Despite these opportunities, central banks should be wary of the threat of cyberattacks, quickening bank disintermediation, legal issues within their respective countries, and competition with private crypto companies. Altogether, the most optimal CBDC design in emerging economies is retail and wholesale coverage, interest-bearing (wholesale) and noninterest-bearing (retail) remuneration, account-based and token-based paymentsystems, a traceable degree of anonymity, hybrid architecture, a Decentralised Ledger Technology (DLT) ledger system, and domestic and cross-border scope. These results are supported by rigorous examination of global CBDC research and development.
Co-Authors Hermanto Siregar Ingrit, Ingrit Megasari, Debbie