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All Journal Jurnal Konseling dan Pendidikan Jurnal Manajemen Keuangan Publik Jurnal Penelitian Pendidikan Indonesia
santorry, santorry
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Economics, Econometrics & Finance Education Other

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Cryptocurrency regulation and market volatility: analyzing the impact of global policy interventions on financial stability Dasman, Sunita; Santorry, Santorry; Tjiwidjaja, Halim; Hastomo, Dhany Anggoro; Dahliani, Yani
JPPI (Jurnal Penelitian Pendidikan Indonesia) Vol. 11 No. 3 (2025): JPPI (Jurnal Penelitian Pendidikan Indonesia)
Publisher : Indonesian Institute for Counseling, Education and Theraphy (IICET)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29210/020254965

Abstract

Cryptocurrencies, as a rapidly growing asset class, have raised concerns regarding financial stability due to their high market volatility. This study investigates the impact of global regulatory interventions on cryptocurrency market volatility and financial stability through a mixed-methods design, combining both quantitative and qualitative approaches. The primary objective is to assess how regulatory policies in key jurisdictions, such as the United States, China, and the European Union, influence the volatility of cryptocurrency markets. The quantitative analysis employs the GARCH (Generalized Autoregressive Conditional Heteroskedasticity) model to analyze the volatility of major cryptocurrency, including Bitcoin and Ethereum, before and after the implementation of regulatory policies. Daily price data from multiple sources is analyzed, providing insights into volatility shifts corresponding to significant policy changes. The qualitative component involves a review of regulatory policy literature and semi-structured interviews with market participants, such as investors and regulators, to uncover the underlying mechanisms through which regulatory actions affect market dynamics. The results indicate that stringent regulation, such as outright bans (e.g., China), tend to increase market volatility in the short term, while regulations that promote legal integration (e.g., the EU’s MiCA framework) contribute to market stabilization over time. The study also reveals notable variations in regulatory approaches across countries, with differing impacts on global market behavior. These findings highlight the critical role of regulatory frameworks in shaping cryptocurrency market dynamics and contribute to the literature by providing both empirical evidence and policy recommendations that can inform future regulatory decision-making. By integrating qualitative insights with quantitative data, the study offers a nuanced understanding of how regulation influences cryptocurrency market volatility and stability.
Implementation of zero-based budgeting in corporate financial planning to improve operational cost efficiency Santorry, Santorry
Jurnal Konseling dan Pendidikan Vol. 13 No. 2 (2025): JKP
Publisher : Indonesian Institute for Counseling, Education and Therapy (IICET)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29210/1147600

Abstract

This study explores the implementation of Zero-Based Budgeting (ZBB) in corporate financial planning as a strategic approach to enhance operational cost efficiency. Utilizing a qualitative methodology, the research conducts a comprehensive literature review to analyze existing frameworks, case studies, and empirical evidence surrounding ZBB practices in various corporate settings. The findings indicate that ZBB, by requiring organizations to justify all expenses for each new period, fosters a culture of accountability and resource optimization. This budgeting method contrasts with traditional incremental budgeting, which often perpetuates inefficiencies and misallocations of resources. The literature reveals that companies adopting ZBB have reported significant improvements in cost management, operational flexibility, and strategic alignment of financial resources with organizational goals. Furthermore, the study identifies key challenges in the implementation of ZBB, including resistance to change, the need for robust data management systems, and the necessity for a shift in organizational mindset. The research concludes that while ZBB presents a viable solution for enhancing cost efficiency, its successful implementation requires a thorough understanding of organizational dynamics and a commitment to continuous improvement. This study contributes to the existing body of knowledge by providing insights into the practical implications of ZBB in corporate financial planning.
Pengaruh Dana Transfer terhadap Kemandirian Keuangan Daerah pada Kabupaten/Kota di Provinsi DIY 2014–2024 Ayu Kinanti, Marsdika; Santorry, Santorry
JURNAL MANAJEMEN KEUANGAN PUBLIK Vol 9 No 2 (2025): Transformasi Tata Kelola Keuangan Publik: Inovasi Pembiayaan, Digitalisasi, dan S
Publisher : Polytechnic of State Finance STAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31092/jmkp.v9i2.3558

Abstract

This study aims to analyze the effect of Intergovernmental Fiscal Transfers—consisting of the General Allocation Fund (DAU), Special Allocation Fund (DAK), and Revenue Sharing Fund (DBH)—as well as the Special Autonomy Fund on Regional Financial Independence (KKD) in the regencies/municipalities of the Special Region of Yogyakarta (DIY). The study also employs Gross Regional Domestic Product (GRDP) as a control variable. The sample comprises five regencies/municipalities observed over an 11-year period, from 2014 to 2024. The analytical method applied is panel data regression with a fixed effect approach. The results show that three independent variables have a negative effect on KKD, namely DAU (negative and significant), DAK (negative and insignificant), and the Special Autonomy Fund (negative and insignificant). Conversely, DBH exerts a positive and significant effect on KKD. These findings indicate that not all forms of transfers from the central government are capable of enhancing regional financial independence.
Co-Authors Ayu Kinanti, Marsdika Halim Tjiwidjaja Hastomo, Dhany Anggoro Sunita Dasman Yani Dahliani