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All Journal Jurnal Keuangan dan Perbankan EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Bisnis dan Manajemen JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT International Journal of Economics Development Research (IJEDR) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Manajemen dan Usahawan Indonesia International Journal of Islamic and Social Sciences (ISOS) Indonesian Capital Market Review The South East Asian Journal of Management Journal of Business, Social and Technology Eduvest - Journal of Universal Studies Jurnal Manajemen dan Usahawan Indonesia Journal of Finance and Islamic Banking
Dwi Nastiti Danarsari
Department Of Management, Faculty Of Economics And Business Universitas Indonesia
Religion Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Health Professions Industrial & Manufacturing Engineering Neuroscience Social Sciences Other

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Effect of Macroprudential Policy on Banks’ Profitability in ASEAN Before and During Covid-19 Tarigan, Wina Febrianti; Danarsari, Dwi Nastiti
Jurnal Keuangan dan Perbankan Vol 27, No 3 (2023): July 2023
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v27i3.10283

Abstract

Regulators introduced macroprudential policies to ensure financial stability, but during the Covid-19 pandemic, many countries relaxed these policies to boost credit growth and the economy. This research examines the impact of these policies on bank profitability in six ASEAN countries from 2018 to 2021 using panel data regression. Before the pandemic, tightening policies like capital buffers, taxes, liquidity requirements, and foreign exchange limits reduced bank profitability. During the pandemic, loosening loan loss provisions and loan-to-value ratios increased profitability, while relaxing reserve requirements decreased it. DOI: 10.26905/jkdp.v27i3.10283
Which One Is The Most Important In Bank: Liquidity Or Capital Resiliency? Fatwa Aulia; Dwi Nastiti Danarsari
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 12 No 3 (2024): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v12i3.6301

Abstract

This research aims to examine the fulfillment of the Liquidity Coverage Ratio (LCR) and Capital Adequacy Ratio (CAR) of banks towards bank credit growth in Indonesia. The researchers included macroeconomic factors (GDP and BI Rate) as control variables and bank size (core capital category) to support the research testing. The influence of LCR and CAR on bank credit growth with KBMI categories 2, 3, and 4 during quarterly periods (Q4 2018 - Q2 2023) is tested using multiple linear regression. The study findings indicate that banks that enhance liquidity management by increasing the LCR can lead to a reduction in credit distribution. However, the CAR does not have a major influence on credit growth. This is because bank capital in Indonesia is very robust. The relationship between the LCR and credit growth in all KBMI categories is not significantly influenced by the core capital category of banks. In addition, the KBMI has a little impact on the correlation between CAR and credit growth in KBMI banks 2 and 3, but it does have a moderating effect on KBMI 4 banks
The Influence of Social Media Usage and User Intention on QRIS Adoption Strategy in Mobile Banking with Trust as a Mediating Variable on MSMEs Business Actors Giofani, Fachrizal; Danarsari, Dwi Nastiti
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 3 (2025): Dinasti International Journal of Economics, Finance & Accounting (July-August 2
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i3.4755

Abstract

This study analyzes the influence of Social Media Usage and Intention to Use on the adoption of QRIS in mobile banking by Micro, Small, and Medium Enterprises (MSMEs), with trust as a mediating variable. The study is motivated by the growing need for digital financial services and the role of QRIS as a standard for an efficient and inclusive national payment system. A quantitative approach was used by distributing questionnaires to MSMEs in Jabodetabek. Using the Slovin formula with a population of 32.7 million QRIS merchants (as of June 2024), a minimum sample of 100 was determined. After data cleansing to remove invalid or outlier responses, 85 valid responses were analyzed using Structural Equation Modeling (SEM). The results show that Social Media Usage and Intention to Use do not directly affect QRIS adoption, with T statistics of 0.860 (p = 0.390) and 1.496 (p = 0.135), and path coefficients of 0.088 and 0.165, respectively. However, both significantly influence trust (T = 5.298 and 5.729, p = 0.000), with path coefficients of 0.442 and 0.489. Trust significantly affects QRIS adoption (T = 7.072, p = 0.000, coefficient = 0.881). Indirectly, Social Media Usage and Intention to Use impact adoption through trust (T = 5.041 and 3.915, p = 0.000), with coefficients of 0.390 and 0.431. These findings highlight trust as a key driver of QRIS adoption, suggesting that digital communication strategies via social media can enhance trust and promote fintech adoption among MSMEs.
The Impact of Digital Transformation and Income Diversification on Banking Stability in Asean-5 Emerging Countries Oktafianti, Putri Adellia; Danarsari, Dwi Nastiti
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 4 (2025): Dinasti International Journal of Economics, Finance & Accounting (September - O
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i4.4798

Abstract

This research aims to analyse the impact of digital transformation and income diversification on banking stability in the ASEAN-5 emerging countries for the period 2014-2023. In recent years, banks are dealing with digital transformation to enhance operational efficiency and offer more innovative financial services, while diversifying revenue through non-interest income sources to reduce their reliance on interest income, which is vulnerable to fluctuations in interest rates. The research employed a purposive sampling method for a sample of 80 institutions in the ASEAN-5 emerging countries (Indonesia, Malaysia, Philippines, Thailand, and Vietnam) that fulfilled certain criteria. The estimation method employed is panel data regression utilizing the Dynamic System Generalized Method of Moments (GMM) —which allows researchers to address endogeneity issues in the relationships between variables— to examine the constructed model. The research results indicate that digital transformation has a negative impact on bank stability and takes time to show its positive impact. This result shows that the adoption of technology requires a significant investment at the beginning of implementation, but over time it will enhance bank's financial stability. Second, low-income diversification tends to decrease bank stability due to reliance on a single source of income, and when banks reach a certain level of income diversification, their stability will increase due to risk spreading. Finally, the moderating effect of income diversification on the relationship between digital transformation and bank stability, indicates that stability significantly increases when banks reach certain levels of income diversification and digital adoption.
Analyzing The Nexus Between Digital Financial Inclusion, Economic Growth, and Environmental Sustainability Impact in ASEAN Region Taufik, Nukman; Danarsari, Dwi Nastiti
Journal of Finance and Islamic Banking Vol. 8 No. 1 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v8i1.11815

Abstract

Purpose: This study aims to examine the impact of digital financial inclusion—proxied by debit card usage and ATM availability—on both economic growth and environmental sustainability across 11 ASEAN member countries during the period from 2010 to 2023. Method: Using panel data regression analysis, the study employs the Feasible Generalized Least Squares (FGLS) estimation method to analyze the relationship between financial inclusion, economic growth, and carbon emissions. Results: The analysis reveals a positive and significant relationship between debit card penetration and economic growth, suggesting that greater digital financial access contributes to economic performance. Conversely, the relationship between ATM availability and economic growth appears inconsistent. Implication: These findings underscore the need for policymakers, financial regulators, and development agencies to design financial systems that not only promote growth but also incorporate environmental safeguards. Originality: This research contributes to the literature by integrating digital financial inclusion metrics within an EKC framework to simultaneously evaluate economic and environmental outcomes in developing economies.
The Influence of Company Size, Leverage, Sales Growth, and Financial Distress on Tax avoidance Moderated by Independent Commissioners in Property and Real Estate Sector Companies Listed on IDX in 2019-2022 Utami, Annisa Rianti; Danarsari, Dwi Nastiti
Eduvest - Journal of Universal Studies Vol. 3 No. 12 (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.v3i12.963

Abstract

This research aims to determine the influence of company size, leverage, sales growth, and financial distress on tax avoidance moderated by independent commissioners in property and real estate sector companies listed on the IDX for the 2019-2022 period. The independent variables in this research are company size, leverage, sales growth, and financial distress. The dependent variable in this research is tax avoidance. The moderating variable in this research is independent commissioner. This population study includes companies listed on the IDX in 2019-2022. The analysis technique used is panel data regression analysis with eviews v.10 software and Microsoft Excel. The results of this research show that company size has no significant effect on tax avoidance, leverage has a positive and significant effect on tax avoidance, sales growth has no significant effect on tax avoidance, financial distress has a negative and significant effect on tax avoidance. independent commissioners have a positive and significant effect on tax avoidance, independent commissioners can moderate company size on tax avoidance, independent commissioners are able to moderate leverage on tax avoidance. Independent commissioners cannot moderate sales growth against tax avoidance. Independent commissioners cannot moderate financial distress towards tax avoidance in property and real estate sub-sector companies listed on the IDX for the 2019-2022 period.
Pengaruh Performa Perusahaan Terhadap Kualitas Laporan Tanggung Jawab Sosial Perusahaan Yang Dimoderasi Oleh Tahap Siklus Hidup Perusahaan Pada Perusahaan LQ45 Periode 2017-2021 Batubara, Satya Rifansyah; Danarsari, Dwi Nastiti
Jurnal Manajemen dan Usahawan Indonesia Vol. 47, No. 2
Publisher : UI Scholars Hub

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

Abstract

This study aims to empirically prove the effect of corporate performance on the quality of corporate social responsibility (CSR) reports, moderated by the company's life cycle stages. The study uses a sample of companies listed in the LQ45 index as of August 2019, registered on the Indonesia Stock Exchange (IDX) for the period from 2017 to 2021. The method used in this study is pooled ordinary least squares (OLS) regression. The results show that corporate performance does not have a significant impact on CSR reports. However, firm life cycle stages have a significant effect with a negative correlation direction on CSR reports, and the impact of corporate performance on CSR reports is moderated by the firm's life cycle stages.
Impact of the Covid-19 Pandemic on Stocks Market Performance of Service Industry in Indonesia Soraya Rizfathanty; Dwi Nastiti Danarsari
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1482

Abstract

In March 2020, Corona Virus Disease (COVID-19) was officially declared a pandemic. As a result, the economic and financial sectors, especially business activities that involve interactions between people severe due to the physical distancing policy. Several studies have analyzed the impact of the pandemic on the economic and financial sectors, but none have specifically discussed the impact on the service sector, especially in Indonesia. This study aims to analyze the impact of COVID-19 on abnormal returns and abnormal volume of stocks in the service industry in Indonesia. Using the event study method, three business sectors most affected by COVID-19 in the service industry are investigated. Impact of the company's internal factors on the cumulative abnormal return is also examined using the robust least square regression method. This study finds a negative stock market reaction to the pandemic and social distancing announcement, and positive reaction for announcement of national economic recovery program and reopening economic activity with health protocol. All events had a negative impact on the abnormal volume of the stocks. Finally, either size or liquidity is found to be a significant driver of abnormal returns.
Oil Price Uncertainty, Market Fluctuations, and ESG on Energy Investment in ASEAN and East Asia Adinda Mayang Kesuma; Dwi Nastiti Danarsari
Journal of Business, Social and Technology Vol. 7 No. 3 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v7i3.681

Abstract

Background: The energy sector is highly vulnerable to oil price uncertainty, financial market fluctuations, and sustainability demands, making investment decisions increasingly dependent on both economic factors and ESG performance. Objective: This study aims to examine the effects of oil price uncertainty, financial market fluctuations, and ESG performance on the investment policies of oil and gas companies in ASEAN and East Asia. Methods: This study employs a quantitative approach using panel data regression. The sample comprises 35 oil and gas companies listed on stock exchanges in Indonesia, Malaysia, Singapore, Thailand, Vietnam, Japan, China, and South Korea from 2016 to 2024, yielding 315 firm-year observations, of which 260 are available for models including ESG. Investment policy is measured using the ratio of capital expenditure to total assets. Results: Oil price uncertainty has a negative and statistically significant effect on investment policy, both partially (coefficient = −0.1602, p = 0.009) and in the full model (coefficient = −0.1464, p = 0.025). Financial market fluctuations are negative and significant when estimated separately (coefficient = −1.2011, p = 0.035) but become insignificant in the full model once oil price uncertainty is controlled for (coefficient = −0.2546, p = 0.679). ESG performance shows a positive but statistically insignificant coefficient across all specifications (full model: coefficient = 0.0003, p = 0.286). The full model yields a Wald χ² of 13.84 (p = 0.032) with an overall R² of 0.074. Conclusion: Oil price uncertainty is the most dominant and consistent factor constraining corporate investment among energy companies in ASEAN and East Asia, consistent with real options theory.
The Influence of Stock Market and Bond Market Performance on Mutual Fund Assets Under Management Growth in Indonesia Toufan Purnama Yamin; Dwi Nastiti Danarsari
Journal of Business, Social and Technology Vol. 7 No. 3 (2026): Journal of Business, Social and Technology
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jbt.v7i3.683

Abstract

Background: The growth of the mutual fund industry in Indonesia over the last decade has shown significant development, driven by increased financial literacy, the development of financial technology, and the dominance of retail investors in the capital market. Objective: This study aims to analyze the effect of stock market and bond market performance on the growth of mutual fund assets under management in Indonesia, as well as identify the most dominant factor influencing this growth. Methods: The study uses a quantitative approach with monthly time series data from November 2010 to December 2025. The analysis was conducted using the Ordinary Least Squares (OLS) method with Newey-West correction and robustness checks through Robust Regression and Quantile Regression. Results: Stock market performance has a robust and significant effect on the growth of mutual fund assets under management, with an asymmetric response in which the negative return component is the most consistent channel across all three specifications. Bond market performance has a positive effect with moderate empirical support. Stock market volatility is consistently negative in sign but does not reach statistical significance, while bond market volatility shows no systematic effect. The relative dominance test indicates that the difference between the two markets is not statistically significant, so their contributions to the growth of assets under management are relatively balanced. Conclusion: This study contributes to the mutual fund literature in emerging markets through focus on the Indonesian market, which is dominated by retail investors within a fintech APERD ecosystem.
Co-Authors Adinda Mayang Kesuma Annisa Nuraini Tahir Batubara, Satya Rifansyah Dwi Anggi Novianti Fatwa Aulia Giofani, Fachrizal Husodo, Zaafri Ananto Juwanik Juwanik Lenny Suardi Muhammad Rifki Adiyat Novianti, Dwi Anggi Nukman Taufik Oktafianti, Putri Adellia Ratih Dyah Kusumastuti Retno Ariani Riyan Dwi Saputro Setiadi, Robertus Setyo Nugroho Setyo Nugroho Soraya Rizfathanty Suardi, Lenny Tarigan, Wina Febrianti Toufan Purnama Yamin Utami, Annisa Rianti Viverita Viverita Zaafri A. Husodo