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Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul; Wardani, Dyah Titis Kusuma
Jurnal Ekonomi & Studi Pembangunan Vol 25, No 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

The Impact of Healthcare Worker Safety Culture on Outpatient Patient Satisfaction in Public Hospitals Rahman, Ferry Fadzlul; Darsono, Susilo Nur Aji Cokro; Oktaviani, Lisa Wahidatul; Thipwong, Phanee
Mutiara Medika: Jurnal Kedokteran dan Kesehatan Vol 24, No 1 (2024): January
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mmjkk.v24i1.19571

Patient satisfaction and the safety culture of health workers are two important aspects that are interrelated in providing health services. Patient satisfaction measures the extent to which patients are satisfied with the services they receive from health service providers. This study analyzes the impact of safety culture and factors related to outpatient patient satisfaction. Observational research was employed with stratified random sampling, and primary data was collected from a public hospital in Samarinda City. The study included patients who had received outpatient care within the last 3 days, aged 17 years and older, and willing to complete the questionnaire. Inpatients were excluded from the sample criteria. The bivariate test was performed for chi-square, then binary logistic for multivariate. Statistical test results of the variables clarity of information, communication of health workers, physical quality, empathy, and safety culture associated with outpatient satisfaction, multivariate regression showed safety culture (OR 13.44; p 0.006) had a large influence, followed by communication (OR 12.460; p 0.023) and empathy (OR 9.947; p 0.025) on outpatient satisfaction. This research is expected to be a source of information, input, and material for preparing plans and as a basis for the initial stages of periodic evaluation of the quality of health services for patients.

The Impact of ESG Practices on Sustainable Companies Performance in Indonesia Darsono, Susilo Nur Aji Cokro; Ma'la, Ainun
BALANCE: Economic, Business, Management and Accounting Journal Vol 21 No 1 (2024): Januari
Publisher : UMSurabaya Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/blc.v21i1.20333

ESG practices aim to minimize a company's risks by caring about environmental, social, and governance aspects. Implementing ESG practices certainly has benefits for companies, namely improving the company's reputation. This research aims to measure the ESG practices of Indonesian companies listed on the Indonesian Stock Exchange. The research analysis uses the panel regression method. Previous researchers faced limitations in studying companies implementing ESG, leading to a limited number of analyzed companies. Therefore, using data obtained from Tobin's Q can distinguish this study. Based on the data processing results, environmental and ROA variables significantly positively impact the company's performance or reputation. However, social and governance variables do not influence the company's reputation, possibly due to various factors causing companies to focus less on the performance of these two variables

Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

Unveiling the dynamics of economic growth, carbon emissions, and energy consumption in Indonesia: a wavelet analysis model Muttaqin, Ecky Imamul; Primambudi, Ganjar; Darsono, Susilo Nur Aji Cokro
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.23136

Climate-related economic growth has been a major topic to current economic development issues. This study tries to examine the causal relationship between economic growth, carbon emissions, and energy consumption in Indonesia using annual data from 1978 to 2022. The data is taken from the World Bank and BP-Statistical Review of World Energy. This study employs wavelet analysis to investigate the complex, time-dependent links among economic growth, carbon emissions, and energy consumption in Indonesia, offering insights into their dynamic interactions across several temporal scales. Granger causality is applied to help uncover temporal relationships and their strength, while wavelet coherence reveals frequency-specific associations across different time scales. This includes analysing cross wavelet power and cross wavelet transform. The study provides a set of research findings, economic growth in Indonesia is still supported by carbon emissions and fuel energy consumption. It shows that fossil fuels continue to dominate the economic growth engine. The consumption of coal and oil is still the leading cause of carbon emissions. This study suggests that the government should enforce consistent regulations, promote collaboration among institutions, and engage public awareness to renewable energy sources. Allocating resources to green investments and incentivizing private industry through financial instruments like carbon trading and green bonds. It can stimulate economic growth while preserving the environment. Moreover, emphasizing the long-term benefits will help establish a sustainable framework for the transition to net-zero emissions.

Analysis of factors affecting poverty in the special region of yogyakarta Darsono, Susilo Nur Aji Cokro; Iriani, Latifah Dian; Putra, Dedek; Hajar, Ibnu
Journal of Advances in Accounting, Economics, and Management Vol. 1 No. 3 (2024): March
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/aaem.v1i3.193

One of the provinces in Indonesia that has a fairly high poverty problem is Yogyakarta Special District Province. This is because the poverty rate of cities/districts in the Yogyakarta Special Dis-trict is higher than the provincial and national poverty rates. The study examines the influence of electricity consumption, investment, economic growth, and the District/City Minimum Wage on poverty levels in Yogyakarta Special District. The data used is panel data with cross-section data covering 5 districts/cities in Yogyakarta Province and data time series with the course of the year 2014 – 2020. The method of analysis used is a panel data regression, but the model used in this study is the Fixed Effect Model. The results show that the variables of electricity consumption and investment variables have no influence, while the economic growth variables and the minimum wage variable of the district/city have a negative and significant influence on the poverty level in the Yogyakarta Region.

Sustainable invesment challenges in emerging markets: Case of India’s NIFTY100ESG indices Luthfiya, Kyla Alifiya Syahla; Darsono, Susilo Nur Aji Cokro
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.12706

The NIFTY100 ESG Indices in India are influenced by macroeconomic factors such as currency exchange rates, economic policy uncertainty (EPU), CBOE VIX, and global commodity prices like gold and crude oil. Despite the increasing relevance of sustainable investing, limited research has explored how these factors impact ESG-focused indices in emerging markets. This study examines their short- and long-term effects using the Autoregressive Distributed Lag (ARDL) model, analyzing monthly data from January 2019 to December 2024. The findings indicate that in the short term, CBOE VIX, exchange rates, and gold prices negatively affect the index, while gold prices have a positive impact in the long run. Meanwhile, exchange rates, EPU, and crude oil prices show no significant influence. By specifically focusing on India’s ESG investments, this research fills a crucial gap in the literature, moving beyond conventional stock market studies. The results emphasize the importance of strong economic policies and risk management strategies to enhance market stability and promote sustainable investments, offering valuable insights for investors, policymakers, and regulators in an evolving financial landscape.

Analisis Pengaruh Kinerja Keuangan Perusahaan Terhadap Harga Saham Perusahaan Pada Indeks Sri Kehati Tahun 2015-2022 Riska, Amalia; Wardani, Dyah Titis Kusuma; Rohmawati, Anita; Ma’la, Ainun; Darsono, Susilo Nur Aji Cokro
Journal of Business and Halal Industry Vol. 1 No. 4 (2024): June
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/jbhi.v1i4.272

Penelitian ini bertujuan untuk menguji dan membukikan pengaruh variabel Net Profit, Return on Asset (ROA), dan Return on Equity (ROE), Earning Per Share (EPS), Net Profit dan Debt to Equity Ratio (DER) terhadap harga saham perusahaan yang terdaftar pada Sri Kehati. Populasi yang digunakan pada penelitian ini adalah 10 perusahaan yang terdaftar pada Indeks saham Sri Kehati yang memiliki laporan keuangan yang lengkap dan memiliki latar belakang keberlanjutan dalam penerapan kegiatannaya. Alat analisis yang digunakan adalah E views 12. Sedangkan data yang digunakan dalam penelitian ini berbentuk time series tahun 2015- 2022. Data bersumber dari website Otoritas Jasa Keuangan. Penelitian ini menemukan bahwa ROA, ROE, Net Profit, dan EPS berpengaruh signifikan terhadap harga saham perusahaan. Sedangkan DER tidak berpengaruh signifikan terhadap harga saham perusahaan yang terdaftar pada Sri Kehati.

Unveiling the dynamics of economic growth, carbon emissions, and energy consumption in Indonesia: a wavelet analysis model Muttaqin, Ecky Imamul; Primambudi, Ganjar; Darsono, Susilo Nur Aji Cokro
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.23136

Climate-related economic growth has been a major topic to current economic development issues. This study tries to examine the causal relationship between economic growth, carbon emissions, and energy consumption in Indonesia using annual data from 1978 to 2022. The data is taken from the World Bank and BP-Statistical Review of World Energy. This study employs wavelet analysis to investigate the complex, time-dependent links among economic growth, carbon emissions, and energy consumption in Indonesia, offering insights into their dynamic interactions across several temporal scales. Granger causality is applied to help uncover temporal relationships and their strength, while wavelet coherence reveals frequency-specific associations across different time scales. This includes analysing cross wavelet power and cross wavelet transform. The study provides a set of research findings, economic growth in Indonesia is still supported by carbon emissions and fuel energy consumption. It shows that fossil fuels continue to dominate the economic growth engine. The consumption of coal and oil is still the leading cause of carbon emissions. This study suggests that the government should enforce consistent regulations, promote collaboration among institutions, and engage public awareness to renewable energy sources. Allocating resources to green investments and incentivizing private industry through financial instruments like carbon trading and green bonds. It can stimulate economic growth while preserving the environment. Moreover, emphasizing the long-term benefits will help establish a sustainable framework for the transition to net-zero emissions.

The Impact of ESG Practices on Sustainable Companies Performance in Indonesia Darsono, Susilo Nur Aji Cokro; Ma'la, Ainun
BALANCE: Economic, Business, Management and Accounting Journal Vol 21 No 1 (2024): Januari
Publisher : UMSurabaya Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/blc.v21i1.20333

ESG practices aim to minimize a company's risks by caring about environmental, social, and governance aspects. Implementing ESG practices certainly has benefits for companies, namely improving the company's reputation. This research aims to measure the ESG practices of Indonesian companies listed on the Indonesian Stock Exchange. The research analysis uses the panel regression method. Previous researchers faced limitations in studying companies implementing ESG, leading to a limited number of analyzed companies. Therefore, using data obtained from Tobin's Q can distinguish this study. Based on the data processing results, environmental and ROA variables significantly positively impact the company's performance or reputation. However, social and governance variables do not influence the company's reputation, possibly due to various factors causing companies to focus less on the performance of these two variables

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