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All Journal Ilmu Administrasi Publik Jurnal Ekonomi Pembangunan STIE Muhammadiyah Palopo Jurnal Ekonomi dan Bisnis Journal of Economic, Bussines and Accounting (COSTING) IKRA-ITH ABDIMAS Jurnal Abdimas PHB : Jurnal Pengabdian Masyarakat Progresif Humanis Brainstorming JURNAL PUSTAKA KOMUNIKASI International Journal of Business Studies International Journal of Economics Development Research (IJEDR) Management Studies and Entrepreneurship Journal (MSEJ) JURNAL EKONOMI SYARIAH Enrichment : Journal of Management Community Development Journal: Jurnal Pengabdian Masyarakat Abdi Kami : Jurnal Pengabdian Kepada Masyarakat ABDI MOESTOPO: Jurnal Pengabdian pada Masyarakat KOMUNIKATA57 Jurnal Pengabdian Teratai Journal of Social Commerce Madani : Jurnal Pengabdian Kepada Masyarakat Jurnal Pustaka Dianmas Socius: Social Sciences Research Journal Jurnal Indonesia : Manajemen Informatika dan Komunikasi Jurnal Serina Abdimas
Kusuma, Airlangga Surya
Faculty Of Economics And Business, Universitas Pembangunan Nasional Veteran Jakarta
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Automotive Engineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Library & Information Science Mechanical Engineering Public Health Social Sciences Other

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Journal : Journal of Social Commerce

 1 
What is More Important on Gcg and Financial Performance: The Independent Commissioner or Affiliated Commissioner? Evidence from Indonesian Banks Simanjuntak, Jerry Marmen; Kusuma, Airlangga Surya
Journal of Social Commerce Vol. 5 No. 3 (2025): Journal of Social Commerce
Publisher : Celebes Scholar pg

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56209/jommerce.v5i3.178

Abstract

Traditionally, an independent Board of Commissioners (BoC) has been considered one of the most important pillars of Good Corporate Governance (GCG). However, unlike agency theory, stewardship theory proposes that BoCs originate from internal companies, and not from outsiders. Thus, this study aims to investigate the comparative importance of affiliated commissioners versus independent commissioners in moderating the relationship between GCG and financial performance in Indonesian banks. Using a sample of 37 Indonesian banks over a ten-year period (2013-2022), the research employed moderated regression analysis to examine these relationships while controlling for various bank-specific characteristics. The study confirms a significant positive relationship between GCG implementation and bank financial performance, as measured by Return on Assets (ROA). The most significant finding of this study relates to the moderating effects of board composition. When control variables are included in the analysis, both independent commissioners and affiliated commissioners demonstrate significant moderating effects on the GCG-performance relationship. However, several important nuances emerge: Independent commissioners show a slightly stronger moderating effect (-2.82455) than affiliated commissioners (-2.613125), suggesting that independent oversight provides marginally greater value in enhancing the effectiveness of GCG practices. Both types of commissioners contribute positively to the GCG-performance relationship, indicating that the traditional dichotomy between agency theory and stewardship theory may be overly simplistic in the Indonesian banking context.
Does the Jakarta Islamic Index Reflect Efficient Market? Insights from Calendar Effects and Volatility Modelling Widodo, Purwanto; Faizi, Faizi; Kusuma, Airlangga Surya
Journal of Social Commerce Vol. 5 No. 3 (2025): Journal of Social Commerce
Publisher : Celebes Scholar pg

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56209/jommerce.v5i3.184

Abstract

This study examines the efficiency of the Jakarta Islamic Index (JII) by testing for anomalies such as the Day of the Week Effect, Monday Effect, Friday Effect, and Week-Four Effect, both under normal conditions and during the Covid-19 crisis. This study seeks to determine whether JII adheres to the Efficient Market Hypothesis (EMH) or exhibits predictable patterns in stock returns. The study utilizes daily return data from JII, covering periods before (January 2008–February 2020), during (March 2020–December 2022), and combined before and during the Covid-19 crisis. Stationarity tests (Augmented Dickey-Fuller and Philips–Perron) were conducted, followed by ARMA/ARIMA modelling to address autocorrelation and heteroscedasticity. ARCH-GARCH models, including EGARCH, TARCH, and PARCH, were employed to analyze the volatility and leverage effects. Dummy variables for trading days and weeks are used to test for anomalies.  The results confirm the presence of the day of the week, Monday, and Week four effects in JII returns, indicating market inefficiency. However, the Covid-19 crisis did not significantly alter return patterns, suggesting resilience in the Islamic stock market. The study also identifies asymmetric volatility responses, with EGARCH (1,1) being the most suitable model, following a non-normal distribution (GED). These findings align with some prior research but contrast with others, highlighting mixed evidence on market anomalies in Islamic indices.
Co-Authors Ana Kuswanti Anannty, Sindy Febriana Arinda. P, Nabilla Arkaan Sunyoto, Muhammad Faturrohman Astuti, Miguna Athallah, Narayana Alif Atmadja, Hafizh Fadhilah Avianti, Dina Azzahra, Ratna Diva Caroline, Fadiah Syifa Dyas, Azhalia Erfandi Erfandi Fadhli Suko Wiryanto Fairuz, Cantika Deanda Faizi Faizi Faizi, Faizi Hafizh Fadhilah Atmadja Hardo Firmana Given Grace Manik Iskandar, Fachdieral Nuradza Jenji Gunaedi Argo Jerry Marmen Levianto, Jubei Mali, Lazarus Valdino Ndopo Manik, Hardo Firmana Given Grace Marlina Marlina Masbait, David Salomo Matondang, Nurhafifah Muhammad Faturrohman Arkaan Sunyoto Muhardi, Naufal Pratama Mukti, Dea Vanesya Pisi Bethania Titalessy Purwanto Widodo Purwanto Widodo Purwanto Widodo Putri, Adelia Syafira Rachmat, Fachri Aulia Rangga Almahendra Rayi. E, Syafa’ Retno Dyah Kusumastuti, Retno Dyah Revalina, Aisyah Rionanda, Rayssa Az Zahra Safitri, Dheariani Salma Asla Salsabila Praza Salma Asla Salsabila Praza Simanjuntak, Jerry Marmen SITI MARYAM Siti Maryam Siti Maryam Syahbani, Rafli Syawalita, Naia